FY26 Results and Annual Report

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)

Results for announcement to the market
Name of issuer The a2 Milk Company Limited
Reporting Period 12 months to 30 June 2026
Previous Reporting Period 12 months to 30 June 2025
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$ 1,974,883 12.4%
Total Revenue
$ 2,004,158 5.4%
Net profit/(loss) from
continuing operations
$ 207,493 (5.8%)
Total net profit/(loss)
$ 113,584 (44.0%)
Final Dividend
Amount per Quoted Equity
Security
$ 0.09500000
Imputed amount per Quoted
Equity Security
$ 0.00000000
Record Date 18 September 2026
Dividend Payment Date 2 October 2026

Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
30 June 2026
$ 1.12
30 June 2025
$1.79
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
For further information refer to the attached:
FY26 Annual Report
FY26 Results Announcement / Media Release
FY26 Results Commentary and Outlook
FY26 Results Presentation
Authority for this announcement
Name of person authorised
to make this announcement
Kate Tidbury
Contact person for this
announcement
Kate Tidbury
Contact phone number +61 2 9697 7000
Contact email address Kate.Tidbury@a2milk.com
Date of release through MAP 17 August 2026

Audited financial statements accompany this announcement.

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NZX Code: ATM
ASX Code: A2M








17 August 2026
NZX/ASX Market Release

FY26 Results Media Release


The a2 Milk Company (“the Company”, “a2MC”) today reported its full year
1
financial and operational results for the year
ended 30 June 2026.
FY26 Results
2,3

1. Delivered FY26 results in line with, or slightly ahead of, updated April guidance with double digit revenue growth
- Achieved Infant Milk Formula (IMF) growth of 5% in a flat China IMF market
- Generated high growth in Other Nutritionals of 42%
4
through innovation in kids, seniors, UHT and supplements
- Maintained strong Liquid Milk growth of 22% through market share gains in ANZ and USA
2. Managed supply chain disruption
5
in 4Q26 which had a material impact on China label IMF product availability,
performance and supply chain costs, which impacted 2H26 Group sales and earnings, with recovery actions underway
3. Continued to ramp up innovation with new products in recent years contributing over 50% of sales growth in FY26 and
significant new product launches planned in 1H27 in IMF, Other Nutritionals and Liquid Milk to support future growth
4. Advanced supply chain transformation through divestment of MVM and acquisition of a2 Pōkeno earlier in FY26, with
capital investment, capability build, product development and transition initiatives all on track or ahead of plan
5. Declared $300 million special dividend while retaining a strong balance sheet to support future growth and declared an
increase in full year ordinary dividends with improved payout ratio
Key financials
2,3,6

• Group revenue up 12.4% to $1,974.9 million
• China & Other Asia segment revenue up 11.2%, ANZ up 10.2% and USA up 28.6%
• EBITDA of $284.4 million, with underlying
7
EBITDA up 5.4%
• Net profit after tax (NPAT) of $207.5 million, with underlying
7
NPAT up 7.0%
• Basic earnings per share (EPS) of 28.6 cents, with underlying
7
EPS up 6.8% to 32.5 cents
• Closing cash of $784.5 million, with operating cash conversion of 68%
8

• Increase in total full year dividends from 20.0 cps to 21.0 cps, unimputed and fully franked with a ~74% payout ratio
• FY27 outlook of mid single digit percent revenue growth and approximately 15% EBITDA margin percent (see “FY26
Results Commentary and Outlook” announcement)
Results CEO commentary
The a2 Milk Company’s Managing Director and CEO, David Bortolussi said:
• “FY26 was another year of strong execution by our team, we delivered revenue growth of 12% with all markets and
categories in growth.”

1
All references to full year (FY), halves (H) and quarters (Q) relate to the Company’s financial year, ending 30 June.
2
All references to financials and related metrics are on a continuing operations basis (ie exclude Mataura Valley Milk), unless otherwise stated.
3
All comparisons are with the 12 months ended 30 June 2025 (FY25), unless otherwise stated.
4
Excludes FY26 a2 Pōkeno external ingredient sales of $23.8 million.
5
Supply chain disruption refers to the temporary shortfall in a2™ IMF product availability in China in 4Q26, resulting from strong demand in the preceding
quarter, air and sea freight constraints, Synlait production backlog, extended product release times due to enhanced testing, and additional customs
clearance requirements and testing measures. Refer to separate announcements Trading, Supply Chain and Outlook Update (13 April 2026), Supply chain
and FY26 results update (7 July 2026) and FY26 Results Commentary and Outlook for further commentary on 4Q26 supply chain disruption.
6
All figures are in New Zealand Dollars (NZ$), unless otherwise stated.
7
Underlying results represent the Group’s reported results excluding a2 Pōkeno losses which reflect temporarily low production volumes ahead of the a2
Platinum™ transition in 1H27 and one‑off transformation costs associated with the transaction, separation, integration and transition. a2 Pōkeno’s FY26
losses are as follows: EBITDA loss of $23.2 million and NPAT loss of $28.3 million.
8
Operating cash conversion defined as net cash flow from operating activities before interest and tax divided by EBITDA.

2
• “Our infant milk formula business was resilient in FY26 delivering 5% growth despite a flat China market and supply chain
disruption in the fourth quarter.”
• “We delivered strong double digit growth in English label infant milk formula led by a2 Platinum™, with high growth in
our recently launched a2 Genesis™ product and successful expansion into Vietnam.”
• “While our China label infant milk formula performance was impacted by product availability issues late in the year, the
key contributing factors have been resolved, and we are focused on executing our recovery plan.”
• “Other Nutritionals is emerging as an increasingly important growth platform, with revenue up 42% as recent innovation
across kids, seniors and UHT continue to scale and leverage the strength of the a2™ brand.”
• “Our Liquid Milk performance highlights the increasing relevance of the a2 Milk™ proposition, with growth and share
gains across our ANZ and USA markets.”
• “Our focus on product innovation over recent years is paying off, contributing over 50% of the Group’s sales growth with
more new products being launched in FY27”
• “The successful acquisition and transformation of a2 Pōkeno is a significant step in strengthening our supply chain and
enabling growth with the launch of two new China label infant milk formula products planned for the first half of FY27.”
• “The payment of a $300 million special dividend and increased ordinary dividends this year demonstrates effective capital
management and our commitment to shareholder returns.”
• “Despite the impacts of supply chain disruption, we are expecting mid single digit percent revenue growth and improved
earnings next year supported by the robustness of our business model and growth strategy.”


Authorised for release by the Board of Directors

David Bortolussi
Managing Director and Chief Executive Officer
The a2 Milk Company Limited


For further information, please contact:

Investors / Analysts
Chante Mueller
Head of Investor Relations
M +61 400 374 133
chante.mueller@a2milk.com





Media – New Zealand
Barry Akers
M +64 21 571 234
barryakers9@gmail.com

Media – Other markets
Rick Willis
M +61 411 839 344
rick@networkfour.com.au

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NZX Code: ATM
ASX Code: A2M






17 August 2026
NZX/ASX Market Release

FY26 Results Commentary and Outlook

Group financial performance
1,2,3,4

The a2 Milk Company (“the Company”, “a2MC”) announces full year financial and operational results for the 12 months ended 30
June 2026. Key results are as follows:

Continuing operations (NZ$ million) FY26 FY25 Variance (%)
Revenue 1,974.9 1,757.2 12.4%
EBITDA
5
284.4 291.7 (2.5%)
Underlying
6
EBITDA 307.6 291.7 5.4%
Net profit after tax (NPAT) 207.5 220.3 (5.8%)
Underlying
6
NPAT 235.8 220.3 7.0%
Basic earnings per share (cents) 28.6 30.4 (6.0%)
Underlying
6
basic EPS (cents) 32.5 30.4 6.8%
Net cash
7
(total reported) 784.5 1,061.2 (26.1%)
Ordinary dividends (NZ cents per share) 21.0 20.0 1.0cps
Special dividend (NZ cents per share) 41.355 – n/a

FY26 Revenue grew 12.4% to $1,974.9 million, driven by growth in English label Infant Milk Formula (IMF), Other Nutritionals and
Liquid Milk. Revenue growth was partially offset by a reduction in China label IMF sales driven by supply chain disruption in
4Q26, with the contributing factors now resolved and product availability significantly improved. Refer to 4Q26 Supply chain
disruption section below for further detail.
The China & Other Asia segment was up 11.2%, led by English label IMF and Other Nutritionals growth. USA segment revenue
was up 28.6% due to core and grassfed liquid milk growth, whilst ANZ segment revenue was up 10.2% driven by Australian liquid
milk growth from both core and lactose free.

1
All references to financials and related metrics are on a continuing operations basis (ie exclude Mataura Valley Milk), unless otherwise stated.
2
All references to full year (FY), halves (H) and quarters (Q) relate to the Company’s financial year, ending 30 June.
3
All figures are in New Zealand Dollars (NZ$), unless otherwise stated.
4
All comparisons are with the 12 months ended 30 June 2025 (FY25), unless otherwise stated.
5
Earnings before interest, tax, depreciation and amortisation. EBITDA is a non-GAAP measure and does not have a standardised meaning prescribed by GAAP.
However, the Company believes that in combination with GAAP measures, it assists in providing investors with a comprehensive understanding of the underlying
operational performance of the business. A reconciliation of EBITDA to net profit after tax is shown in the Company’s FY26 Results Investor Presentation dated
17 August 2026.
6
Underlying results represent the Group’s reported results excluding a2 Pōkeno losses which reflect temporarily low production volumes ahead of the a2
Platinum™ transition in 1H27 and one-off transformation costs associated with the transaction, separation, integration and transition. a2 Pōkeno’s FY26 losses,
including transformation costs are as follows: EBITDA loss of $23.2 million and NPAT loss of $28.3 million.
7
Including term deposits.

2
From a product category perspective, total IMF sales grew 4.7%, with English label sales up 23.2% driven by cross border
e-commerce (CBEC) and offline to online (O2O) channel growth, plus increasing contribution from other markets, particularly
Vietnam. China label sales were down 14.0%, with growth impacted by 4Q26 supply chain disruption.
Liquid Milk sales grew 21.8%, with ANZ up 17.2% and USA up 28.9%. Other Nutritionals
8
sales were up 59.9% (42.3% excluding a2
Pōkeno external ingredient sales), driven by growth in kids and seniors fortified milk powder products and supported by the
launch of a new kids fortified UHT product and the a2至奕™ (a2 Zhi Yi™) paediatric supplements range.
Gross margin percentage
9
of 47.7% was down 3.4ppts due to expected a2 Pōkeno losses while the facility was under-utilised
(ahead of the planned a2 Platinum™ transition from Synlait in 1H27 that will significantly increase production levels and improve
financial results), lower share of China label IMF sales, one-off supply chain costs related to 4Q26 supply chain disruption, and an
increase in underlying COGS due to higher milk and other ingredient prices, particularly in 2H26.
Distribution costs were marginally higher as a percentage of net sales revenue at 3.5% due to higher freight rates primarily related
to Liquid Milk.
Marketing investment of $325 million was higher in support of the China growth strategy and innovation, focused on new user
recruitment. China marketing continues to make up the vast majority of the Group’s investment.
Administrative and other expenses (SG&A) were higher as a percentage of revenue at 14.3% due to investment in capability to
support China growth and supply chain initiatives, including planned a2 Pōkeno transformation costs (transaction, separation of
Mataura Valley Milk (MVM), integration and transition costs), plus higher FX losses due to the weakening of the NZD, partly offset
by cost reduction initiatives. Excluding FX losses, SG&A as a percentage of revenue was lower than prior year.
EBITDA was down 2.5% to $284.4 million, with EBITDA % margin of 14.4% in line with previous guidance. Excluding a2 Pōkeno
operating losses and transformation costs, underlying
6
EBITDA of $307.6 million was up 5.4% with underlying
6
EBITDA % margin
of 15.6%.
Depreciation and amortisation of $16.9 million was higher than FY25, reflecting the a2 Pōkeno acquisition impact. Net interest
income was lower due to lower market rates and net transaction cash outflows. The effective tax rate improved to 30.0% due to
partial utilisation of a2 Pōkeno and USA tax losses.
NPAT from continuing operations decreased by 5.8% to $207.5 million. On an underlying
6
basis, NPAT was up 7.0% to $235.8
million. Basic earnings per share (EPS) from continuing operations was 28.6 cents, and 32.5 cents on an underlying
6
basis. Total
reported NPAT was $111.1 million including losses from discontinued operations of $96.4 million that was mostly due to the MVM
non-cash divestment loss recognised in 1H26.
The Company’s balance sheet remains strong with closing net cash of $784.5 million with operating cash conversion of 68%
10
for
the year in line with guidance and impacted by an expected increase in inventory outlined further below. Total capital
expenditure was $86.4 million, reflecting significant investment of $51.6 million in the a2 Pōkeno transformation programme as
part of the previously announced ~$100 million multi-year capital investment programme.
With regard to working capital, inventory increased by $151.5 million as expected due to the acquisition of a2 Pōkeno and
subsequent raw material and base powder build ahead of a2 Platinum™ in-sourcing from Synlait and production of the two new
China labels, and normalisation of China label IMF stock that was low in FY25 due to Synlait manufacturing challenges. Trade and
other receivables increased by $80.0 million due to the recognition of insurance proceeds recoverable related to the Australian
securities class action
11
, with trade and other payables up $130.3 million due to the recognition of class action settlement payable
(fully offset by the receivable) and an increase for higher inventory related payables.



8
The Other Nutritionals portfolio consists of non-IMF powdered a2 Milk™ products, China & Other Asia liquid milk products and a2 Pōkeno external ingredient
sales.
9
Gross margin percentage is gross margin as a percentage of net sales revenue.
10
Operating cash conversion defined as net cash flow from operating activities before interest and tax divided by EBITDA.
11
Refer announcement a2MC reaches in principle agreement to settle shareholder class action (7 April 2026) and note C4 of the financial statements for further
detail.

3
Regional and product performance
1. China & Other Asia
The overall China IMF market value grew by 0.7%
12
in FY26, as premiumisation offset low single digit volume declines. Stage 1
value was in low single digit percentage growth, Stage 2 in mid single digit percentage growth and Stage 3 stabilised during the
period. CY25 newborns of 7.9 million
13

declined 17%, cycling a peak CY24 birth year boosted by the Dragon Year and deferred
COVID births.
CY26 newborns are expected to be supported by a recovery in marriage rates seen in CY25
14
and by a greater focus on birth rate
stabilisation which is listed as a China Central Government priority in 2026
15
.
a2MC’s China & Other Asia segment revenue grew by 11.2% to $1,447.6 million driven primarily by IMF sales growth of 5.6% and
Other Nutritionals
16
sales growth of 71.0%, with segment EBITDA of $307.3 million, down 7.5% with margins impacted by the
4Q26 supply chain disruption as outlined below.
4Q26 supply chain disruption
17

As previously announced, the Company was impacted by shortfalls of China label IMF product at distributors and retailers that
materially impacted in-market product availability during 4Q26 and necessitated a large proportion of existing users to switch to
alternative brands as they ran out of pantry stock mainly in June.
These product shortfalls were due to a number of factors, including strong demand in the preceding quarter, freight challenges,
Synlait production backlog, extended product release times, and additional customs clearance requirements and testing
measures. The contributing factors have now been resolved with product availability significantly improved.
The product availability impact on English label IMF product was limited on a2 Platinum™ and largely concentrated on a2
Genesis™, which was affected by planned production downtime at a2 Pōkeno and a change in China importation requirements.
In addition, a2 Platinum™ offtake in China has been indirectly impacted by the USA label IMF recall announced in May 2026. The
recall was isolated to the USA label product, which has a different formulation and relevant ingredient to the English label a2
Platinum™ IMF sold in Australia, New Zealand, South Korea, Vietnam and through cross border channels into China.
The Company is now focused on various sales and marketing initiatives to encourage previous China label IMF users to return
while accelerating new user recruitment with its retail and distribution partners as well as actions to improve offtake momentum
in English label. Refer to the Outlook section below for further commentary on FY27.
China label IMF
The total China label IMF market stabilised in FY26 with value down 0.2%
12
, as low single digit volume declines were offset by
increased contribution from higher priced early stage products and continued premiumisation trend. The trend towards online
channels also continued with increased pressure on offline channels resulting in further store closures.
Brand concentration stabilised, with share of top-10 brands (including a2MC) in the China label market flat at 78%
12
and divergent
performance among top brands.
a2MC China label IMF revenue declined by 14.0% to $544.3 million (1H26: up 6.5% vs pcp, 2H26 down 33.0% vs pcp). After a
positive first three quarters of the year, with market share reaching record levels, China label IMF sales were materially impacted
by 4Q26 supply chain disruption outlined above.

12

Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities) for the 52 weeks ended 12 June 2026 and similar for prior
periods. Kantar restated 2025 market data in March 2026 based on actual number of newborns released by China National Bureau of Statistics.
13

China National Bureau of Statistics.
14
China Ministry of Civil Affairs. Number of marriage registrations grew by 11% in 2025 vs 2024.
15
China Central Economic Work Conference for 2026.
16
Includes $23.8 million of a2 Pōkeno external ingredient sales, largely consisting of milk powder and cream.
17
Supply chain disruption refers to the temporary shortfall in a2™ IMF product availability in China in 4Q26, resulting from strong demand in the preceding
quarter, air and sea freight constraints, Synlait production backlog, extended product release times due to enhanced testing, and additional customs clearance
requirements and testing measures. Refer to separate announcements Trading, Supply Chain and Outlook Update (13 April 2026) and Supply chain and FY26
results update (7 July 2026).

4
On a MAT basis the Company maintained its MBS
18
market share across Key&A and BCD cities with 7.0% and 3.2% market share
19

respectively. DOL market share of 3.9%
20
was down 0.3ppts. However, on a quarterly basis, MBS 4Q26 market share was 2.1%
and DOL 4Q26 market share was 1.8%, impacted by 4Q26 supply chain disruption. As stock levels have now significantly
improved, the Company is focusing its resources on regaining past users and accelerating new user recruitment.
During the year the Company received regulatory approval for the use of two new China label products to be produced at a2
Pōkeno. These products are targeted at under penetrated and new segments for a2MC, including lower tier cities and the Organic
segment, that will support China label market share recovery in FY27 and further growth beyond that.
English label IMF
21

The total English label IMF market maintained growth for the year, increasing 5.7%
22
. Market conditions softened considerably in
the second half, with growth moderating to 0.8% in 2H26 and 4Q26 down 4.7% on pcp, driven by a decline in early stage volumes
as the market responded to industry recalls, with affected brands progressively recovering.
English label share of the total China IMF market further increased to 20%
22
, up from a low of 14% in FY22, but still below pre-
COVID levels of 28% in FY19 and higher levels prior to that.
a2MC English label IMF grew with English label sales in the China & Other Asia segment of $714.6 million, up 27.8%. a2MC’s
English label performance was driven by CBEC and O2O channel performance over the first three quarters of the year, increasing
contribution from a2 Genesis™ and from other markets, particularly Vietnam.
On a MAT basis, a2MC was the leading CBEC share gainer
23
and a2 Genesis™ achieved 1.8% share on CBEC with over 60% of
offtake coming from early-stage products. a2MC remains the second largest brand in the China English label market with 19.5%
22

market share.
Whilst the product availability impact on a2 Platinum™ from supply chain disruption was limited, 4Q26 offtake was indirectly
impacted by the USA label IMF recall announced in May 2026 despite the recall being isolated to the USA label product which
uses a different relevant ingredient to the a2 Platinum™ product sold in China and other countries. a2 Genesis™ sales continued
to grow and now make up 6% of total a2MC English label sales, noting there was some product availability impact in 2H26 due to
the planned production downtime at a2 Pōkeno and a change in China importation requirements.
Throughout FY26, the Company continued to advance its emerging markets strategy, executing in Vietnam and South Korea while
assessing expansion opportunities in other markets in Southeast Asia and the Middle East.
Vietnam English label IMF sales grew 200% due to continued investment in consumer marketing and distribution expansion for
both a2 Platinum™ and a2 Gentle Gold™. Distribution expanded to over 3,500 MBS stores, including broader a2 Platinum™
distribution in major retailer, Concung, and a2 Gentle Gold™ expansion into lower tier cities.
Other Nutritionals
Other Nutritionals revenue in the China & Other Asia segment increased 71.0% to $188.6
24
million, driven by recent innovation
launches. In FY25, the Company introduced three China label seniors fortified milk powder products targeting key health needs
including immunity, bone, gut and heart health and a new kids fortified milk powder product for ages 3+, supporting immunity,
eye health and brain development. In FY26, these products showed positive momentum, resonating well with consumers and
creating incremental growth opportunities beyond IMF, with the kids fortified milk powder providing a substitute product for
Stage 3 and Stage 4 China label IMF users during 4Q26 supply chain disruption.


18
MBS = Mother & Baby Stores (Nielsen MBS retail measurement service). DOL = Domestic online channel (Smart Path China IMF online market tracking: DOL
platform sales by value).
19
Nielsen MBS retail measurement service: mother and baby stores only retail sales (MAT by value).
20
Smart Path China IMF online market tracking: DOL platform sales (MAT by value).
21
Excludes USA label IMF sales.
22
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities) for the 52 weeks ended 12 June 2026.
23
Smart Path China IMF online market tracking: CBEC sales (MAT by value).
24
Includes a2 Pōkeno external ingredient sales of $23.8 million.

5
The Company continued to progress its innovation pipeline in FY26 launching a new China label kids fortified UHT product and
entered the paediatric supplements market with its a2 至奕™ (a2 Zhi Yi™) range in 3Q26. The kids UHT product features a height-
support formulation and was launched through Costco as lead offline partner supported by selective online distribution. The
paediatric supplements range has products focused on immunity, gut health, brain and eye health and anti-allergy, and was
launched across MBS and DOL channels. Near term supplement sales are not expected to be material, however the longer-term
potential of the category and growth platform for a2MC could be significant.
Other Nutritionals sales also includes $23.8 million of a2 Pōkeno external ingredient sales, largely consisting of whole milk powder
and cream.
2. Australia and New Zealand
The Australia and New Zealand (ANZ) segment reported revenue of $348.2 million, up 10.2% and EBITDA of $60.7 million, up
5.5%. The result was primarily driven by growth in the Australian liquid milk business, with English label IMF sales declining 8.6%
due to lower Daigou sales.
Liquid Milk
Australian liquid milk sales increased by 17.2% to $244.9 million, with growth from both the core a2 Milk™ range and a2 Milk™
Lactose Free, and foreign currency translation benefits. a2 Milk™ outperformed the category, delivering further market share
gains with liquid milk value share up 0.5ppts to 11.7%
25
. a2 Milk™ Lactose Free achieved a record high MAT value share of
22.6%
25
with a2MC proud to be the first national lactose free brand, with the launch of a2 Milk™ Lactose Free in Coles in WA.
During the year, the Company also delivered premium brand exposure in China and Australia and selectively in other emerging
markets as the first ever dairy milk partner of the Australian Open with strong results from its AO26 campaign providing
significant brand exposure and product trial opportunities for the 1.3 million+ venue audience including through mass sampling.
English label IMF and Other Nutritionals
ANZ IMF sales declined 8.6% to $73.7 million as a result of lower Daigou channel sales with a2 Gentle Gold™ continuing to drive
sales growth in Australian retail channels. English label IMF focus remains on the China CBEC and O2O channels, however the
Company continues to support the Daigou channel through marketing support and trade activations. Other Nutritionals sales
were up 10.7% with growth across all product categories.
3. USA
USA grew revenue by 28.6% to $179.0 million and delivered ongoing profitability improvement, with an improved EBITDA loss of
$3.4 million (improvement from a loss of $9.3 million in FY25), and achieved breakeven in 2H26. Revenue growth was
underpinned by double digit growth in both the a2 Milk™ core range and a2 Milk™ Grassfed with increased household
penetration, additional distribution points and higher average velocity per distribution point.
a2MC’s market value share in the premium milk category for the Grocery channel increased to 2.8%
26
, up from 2.2% in FY25.
Brand equity strengthened materially, with aided awareness increasing from 15%
27
to 27% and spontaneous awareness more
than doubling from 2.1% to 4.5%. Net Promoter Score increased 3 points to 66, achieving the highest score in the premium milk
category.
The Company also established an exclusive partnership with Steak 'n Shake, a classic American restaurant chain, creating a new
brand experience and growth platform for a2 Milk™ core, grassfed and kids chocolate milk in foodservice. Grassfed milk growth
was further supported by new ranging in customers, including Publix and HEB, and the establishment of a new grassfed milk farm
in the Southeast to support year round supply.
From an IMF perspective, the Company completed a voluntary recall of limited USA label IMF batches in 4Q26. a2MC’s long-term
U.S. Food and Drug Administration IMF submission remains under review with a final factory inspection completed recently.


25
IRI Australian Grocery Weighted Scan, MAT basis to 30 June 2026.
26
SPINS data for MULO Channel, L52 weeks as of 14 June 2026.
27
a2MC brand health tracking July 2026.

6
Innovation and portfolio expansion
Innovation and portfolio expansion are an important part of the Company’s growth strategy and are increasingly contributing to
performance, with recent innovation contributing over 50% of FY26 revenue growth. This includes growth from products such as
a2 Genesis™, a2 Gentle Gold™, fortified kids and seniors milk powders, fortified kids UHT and Liquid Milk range extensions.
Looking ahead to FY27, there is a pipeline of product launches planned across key categories, including two new China label IMF
products (increasing the portfolio from one to three products), meaningful updates to a2 Platinum™ and a2 Genesis™, further
expansion of the kids milk powder range, English label paediatric supplements and lactose free liquid milk in the USA. These
initiatives are supported by the Company’s internal innovation and product development capability, investment in a2 Pōkeno and
a growing manufacturing partner network.
Supply chain transformation
The Company successfully completed the acquisition of a2 Pōkeno, a world class nutritional facility, and divestment of MVM, as
announced in August 2025
28
. The acquisition significantly increases control over a2MC’s supply chain, expands capacity and
capability, and is expected to deliver strong financial returns over time.
Post acquisition, the Company has made significant progress on its supply chain transformation strategy. During the year, the
Company secured additional experienced manufacturing talent more than doubling the a2 Pōkeno team since acquisition,
delivered against its capital investment programme which remains on time and on budget, invested in enhancing the site’s world
class IMF capabilities, and secured regulatory approval for registration amendments to enable the launch of two new China label
products.
Looking ahead to FY27 the Company has commenced the planned insourcing of its English label a2 Platinum™ product from
Synlait, including formulation and packaging updates, and has commenced production of its two new China label products,
bringing vertical margin capture benefits to the Group.
Sustainability
The Company continued to invest in its a2™ Farm Sustainability Fund across ANZ, supporting sustainability projects that
demonstrate an integrated approach to deliver a meaningful impact across climate, nature, cows, and community.
During FY26, the Company progressed its emissions reduction implementation plan, supported by the collection of real on-farm
data. With the integration of the a2 Pōkeno manufacturing facility, the Company has taken initial steps to transition the site’s gas-
fired boiler to a renewable energy source, and more broadly commenced work on an Environmental Management System to track
relevant metrics across its owned manufacturing facilities.
To support delivery against its packaging targets, the Company has developed a comprehensive packaging database and
continued to support Extended Producer Responsibility schemes in the markets where its products are sold.
Dividends
The Board has declared a final dividend of 9.5 cents per share (unimputed and fully franked). The record date for the final
dividend is 18 September 2026 and the payment date is 2 October 2026.
Including the interim dividend of 11.5 cents per share, total FY26 ordinary dividends of 21.0 cents per share represents an
improved payout ratio for the full year of ~74% of continuing operations NPAT, versus FY25 of approximately 71% of reported
NPAT.
In addition to the ordinary dividends announced for FY26, and as foreshadowed in August 2025, the Board declared and paid a
$300 million special dividend, following regulatory approvals received in connection with amendments to the two a2 Pōkeno
China label registrations for use under the a2™ brand. The special dividend equated to 41.36
29
cents per share and was paid on
24 July 2026. The special dividend was unimputed and fully franked.


28
Refer to a2MC’s market announcements on 18 August 2025.
29
The dividend quoted has been rounded to 2 decimal places for ease of communication.

7
FY27 Outlook
a2MC’s revenue and EBITDA are expected to grow in FY27, supported by increased contribution from product innovation and new
markets, continued momentum in Other Nutritionals and Liquid Milk, and a2 Pōkeno profitability improvement.
IMF sales are expected to be impacted by the flow-on effects of supply chain disruption in 4Q26. At this stage, the Company
expects IMF sales to be broadly similar to FY26, with China label to gradually recover over the course of FY27 and English label
offtake momentum to improve during the first half, supported by an increase in marketing particularly in 1H27. As a result, Group
revenue and EBITDA are expected to be materially weighted to 2H27.
Whilst a range of outcomes is possible depending on the rate of recovery in IMF, the Company currently expects the following in
FY27 compared to FY26 (on a continuing operations basis):
• Revenue growth of mid single digit percent, with 1H27 revenue broadly in line with 1H26
• EBITDA margin percent to be approximately 15%, with 1H27 to be materially down on 1H26
• Depreciation and amortisation to be approximately $20 million
• Cash conversion to be approximately 70-80%
• Capital expenditure to be approximately $70 million
The Company will provide an update on the progress of its IMF recovery plan at the Annual Meeting on 19 November 2026.
Key risks
A range of risks could materially impact expected revenue and earnings outcomes including, but are not limited to, extent and
rate of recovery in China IMF, trading upside and downside, macroeconomic conditions, category dynamics and competitive
intensity, product and supply related risks, cross border trade, foreign exchange movements, changes in interest rates, farmgate
milk pricing and other commodity prices, regulatory risk, export and import requirements, the Middle East conflict, a2 Pōkeno
transformation and transition risks and geopolitical risks.


Authorised for release by the Board of Directors

David Bortolussi
Managing Director and Chief Executive Officer
The a2 Milk Company Limited


For further information, please contact:

Investors / Analysts
Chante Mueller
Head of Investor Relations
M +61 400 374 133
chante.mueller@a2milk.com





Media – New Zealand
Barry Akers
M +64 21 571 234
barryakers9@gmail.com
Media – Other markets
Rick Willis
M +61 411 839 344
rick@networkfour.com.au

---

The a2 Milk Company Limited
17 August 2026
2026
ANNUAL
RESULTS
We pioneer the future of Dairy for good

Disclaimer
This presentation dated 17 August 2026 provides additional
commentary on the financial results for the 12 months ended
30 June 2026 of The a2 Milk Company Limited (the “Company” or
“a2MC”) and accompanying information released to the market on
the same date. As such, it should be read in conjunction with the
explanations and views in those documents.
This presentation is provided for general information purposes only.
The information contained in this presentation is not intended to be
relied upon as advice to investors and does not take into account
the investment objectives, financial situation or needs of any
particular investor. Investors should assess their own individual
financial circumstances and consider talking to a financial adviser or
consultant before making any investment decision.
This presentation is not a prospectus, investment statement or
disclosure document, or an offer of shares for subscription, or sale,
in any jurisdiction.
Certain statements in this presentation constitute forward looking
statements. Such forward looking statements involve known and
unknown risks, uncertainties, assumptions and other important
factors, many of which are beyond the control of the Company and
which may cause actual results, performance or achievements to
differ materially from those expressed or implied by such
statements.
While all reasonable care has been taken in relation to the
preparation of this presentation, none of the Company, its
subsidiaries, or their respective directors, officers, employees,
contractors or agents accepts responsibility for any loss or damage
resulting from the use of or reliance on this presentation by any
person.
Past performance is not indicative of future performance and no
guarantee of future returns is implied or given.
Some of the information in this presentation is based on unaudited
financial data which may be subject to change.
All values are expressed in New Zealand dollars unless otherwise
stated.
All intellectual property, proprietary and other rights and interests in
this presentation are owned by the Company.
2

Agenda
Results summary and outlook4
Financial overview22
Regional and
product performance
28
Appendix45

Solid full year results with significant strategic progress
Delivered FY26 results in line with, or slightly ahead of, updated April guidance with double digit revenue growth
-Achieved Infant Milk Formula (IMF) growth of 5% in a flat China IMF market
-Generated high growth in Other Nutritionals of 42%
1
through innovation in kids, seniors, UHT and supplements
-Maintained strong Liquid Milk growth of 22% through market share gains in ANZ and USA
Managed supply chain disruption
2
in 4Q26 which had a material impact on China label IMF product availability, performance and
supply chain costs, which impacted 2H26 Group sales and earnings, with recovery actions underway
Continued to ramp up innovation with new products in recent years contributing over 50% of sales growth in FY26 and significant new
product launches planned in 1H27 in IMF, Other Nutritionals and Liquid Milk to support future growth
Advanced supply chain transformation through divestment of MVM and acquisition of a2 Pōkeno earlier in FY26, with capital
investment, capability build, product development and transition initiatives all on track or ahead of plan
Declared $300 million special dividend while retaining a strong balance sheet to support future growth and declared an increase in full
year ordinary dividends with improved payout ratio
1
2
3
4
4
1
Excludes FY26 a2 Pōkeno external ingredient sales of $23.8 million.
2
Supply chain disruption refers to the temporary shortfall in a2 IMF product availability in China in 4Q26, resulting from strong demand in the preceding quarter, air and sea freight constraints, Synlait production backlog, extended product release times due to enhanced testing, and additional customs clearance requirements and testing
measures. Refer to separate announcements Trading, Supply Chain and Outlook Update (13 April 2026), Supply chain and FY26 results update (7 July 2026) and FY26 Results Commentary and Outlook for further commentary on 4Q26 supply chain disruption.
5

Double digit revenue growth, margins impacted by supply chain disruption
•Revenue up 12.4% to $1,974.9 million
•EBITDA down 2.5% to $284.4 million
−Underlying
2
EBITDA

up 5.4% to $307.6 million
•EBITDA % margin 14.4% down 2.2ppts
−Underlying
2
EBITDA % margin of 15.6%, down 1.0ppts
•NPAT down 5.8% to $207.5 million
−Underlying
2
NPAT up 7.0% to $235.8 million
•Basic EPS down -6.0% to 28.6 cents
−Underlying
2
basic earnings per share

up 6.8% to 32.5 cents
•Cash of $784.5 million with cash conversion of 68%
3
•Final FY26 dividend of 9.5 cents per share declared (~74% full year payout)
EBITDA; $ millions
Revenue; $ millions
Basic EPS; cents per share
Key financials
1
1
All references to financials and related metrics are on a continuing operations basis (ie exclude Mataura Valley Milk), unless otherwise stated. Note FY24 continuing operations financials are unaudited.
2
Underlying results represent the Group’s reported results excluding a2 Pōkeno losses which reflect temporarily low production volumes ahead of the a2 Platinum transition in 1H27 and one-off transformation costs associated with the transaction, separation, integration and transition. a2 Pōkeno’s FY26 losses are as follows:
EBITDA loss of $23.2 million and NPAT loss of $28.3 million.
3
Calculated as net cash flow from operating activities before interest and tax divided by EBITDA.
Continuing operations
1
(FY26 versus FY25)
2
5
2

All geographic and product segments in growth
•China & Other Asia segment sales up 11.2%, led by English label IMF and
Other Nutritionals growth
•ANZ segment sales up 10.1% driven by Australian liquid milk growth
•USA segment sales up 28.6% due to core and grassfed liquid milk growth
Segment and product sales
1
Segment sales; $ millions
Product sales; $ millions
Segment performance
Product performance
•IMF sales up 4.7%: English label up 23.2%, China label down 14.0%
•Liquid Milk sales in ANZ and USA up 17.2% and 28.9% respectively
•Other Nutritionals sales up 59.9% (42.3% excluding a2 Pōkeno)
1
All references to financials and related metrics are on a continuing operations basis (ie exclude Mataura Valley Milk), unless otherwise stated.
6
Sales up 12.4% with growth from core product portfolio and recent innovation, plus
slightly benefiting from FX tailwinds (weakened NZD)
Group performance
1

China IMF market conditions update
1
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities) for the 52 weeks ended 12 June 2026 and similar for prior periods. Kantar restated 2025 market data in March 2026 based on actual number of newborns released by China National Bureau of Statistics.
2
China Ministry of Civil Affairs. Number of marriage registrations grew by 11% in 2025 vs 2024 (1Q -8%, 2Q +18%, 3Q +22%, 4Q +19%).
3
China Central Economic Work Conference for 2026.
4
Smart Path China IMF online market tracking: DOL platform sales (by value).
5
Smart Path China IMF online market tracking: CBEC platform sales (by value).
•China IMF market value up 0.7% in FY26 as premiumisation offset low single digit
volume declines. Stage 1 value in low single digit growth, Stage 2 in mid single digit
growth and Stage 3 stabilising
1
•China newborns expected to be supported in CY26 by positive marriage rates (+11%
in CY25
2
), and continued China Central Government
3
focus on birth rate stabilisation
•China label IMF market value stabilised and down 0.2% in FY26
1
, with volume
decline partially offset by price recovery with DOL channels up 8.3%
4
•English label IMF market value up 5.7% in FY26
1
, however growth significantly
slowed in 2H26 to 0.8% impacted by industry recalls. O2O and CBEC channels
up 10.6%
1
, and 6.6%
5
respectively in FY26
•Key&A cities declined by 1.1% in FY26 with higher growth in BCD cities up 2.6%
1
•A2-type protein segment grew 7% in FY26, now 22% of China IMF market value
(up from 21% in FY25)
1
•Ultra premium price segment grew 1.6% in FY26, continuing to expand its value
contribution in IMF category to 53% (up from 52% in FY25)
1
•Market concentration continued with the top-5 brands representing 59%
1
of market
value in FY26 (up from 58% in FY25)
English label IMF market value vs pcp
1
Total China IMF market value vs pcp
1
China label IMF market value vs pcp
1
7
China IMF market conditions

Supply chain disruption in 4Q26 resolved but impacted market share
China label IMF supply chain disruption
a2 至初market share impacted in 4Q26
a2 至初stages
April 2026May 2026June 2026
Stage 1
Largely out of stock
Available from
early June
Stage 2
Limited availability
Available from
mid June
Stage 3
Limited availability
Available from
mid June
Stage 4
Largely out of stock until August
Kids fortified powder
Available as a substitute to Stages 3 & 4
•a2 至初 in-market product availability during 4Q26 was materially
impacted by a number of temporary factors that have been resolved,
including:
-strong demand in the preceding quarter (3Q26)
-freight challenges (indirectly due to Middle East crisis)
-Synlait production backlog and extended product release times
-additional customs clearance requirements and testing measures
a2 至初 indicative availability in retail channels during 4Q26:
•In-market product availability necessitated a large proportion of
existing users to switch to alternative brands as they ran out of
pantry stock mainly in June
•China label market share was materially impacted in 4Q26, more
than Kantar data indicates (ie Mar-26 MAT 5.6% versus 4Q26 4.3%,
refer Nielsen and Smart Path data below which is more indicative)
1
Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value).
2
Smart Path China IMF online market tracking: DOL platform sales (by value).
China label share in MBS channel
1
China label share in DOL channel
2
8
a2 至初 offline and online market share metrics:

1Q272Q273Q274Q27
•Introduce market leading traceability tool with batch-by-batch testingCompleted
•Amplify through social media and PR campaigns
•Engage and refine plan with distributors and key retail partners
•Execute past user win back programme supported by gift with purchase
•Increase new user recruitment investment and enhance loyalty programme
•Maintain stability of distributor ecosystem and trade recommendation
•Prioritise and expand distribution in a controlled manner based on productivity
•Launch two new China label IMF products
•Collaborate with retail partners to maximise awareness and trial
Actions underway to recover market share
•Positive early progress against plan
•Launch of new traceability tool and batch-by-batch testing very well received by consumers
•Positive brand sentiment quickly recovering on social media
•Strong support from distributors and trade partners
•New user recruitment efforts showing positive results with conversion rates back to or exceeding historical levels
•Offtake expected to gradually recover over the course of FY27
9
3. Support ecosystem
4. Launch products
2. Drive recruitment
1. Rebuild trust

Batch-by-batch testingXinhua News endorsementDaddy Lab endorsement
First wave of marketing investment focused on reassurance of high quality
•Launched a market leading traceability tool
with batch-by-batch testing in mid June
•Provides consumers with the most
comprehensive testing reports in industry
with testing to strict standards by state
owned independent testing labs across
New Zealand and China
•Very well received by consumers
generating positive brand sentiment on
social media
•Launched endorsement campaign in early
August with China’s state owned
authoritative media Xinhua News and
Academician Chen Junshi of the Chinese
Academy of Engineering, a China national
leading expert in food safety
•Endorsement amplified across multiple
state owned media and social media
in China
•Daddy Lab is a leading independent quality
assurance and evaluation influencer with
~50 million followers on social media
•a2 至初 passed 800+ tests based
on Daddy Lab’s independent random
sampling
•Co-endorsement by Daddy Lab and JD
platform in a livestreaming event in early
August during JD’s Quality Festival
10

Social media and PR campaigns improving brand sentiment
Social media sentiment tracking based on posts and comments Brand marketing comments
•Positive brand sentiment quickly recovering
to prior levels based on comprehensive
social listening
•a2 brand, a2 至初 and a2 Platinum search
index on e-commerce platforms recovering week
on week to ~80% of December to January peak
by end of July
•Intensive new user education and recruitment
starting from mid August
•a2 brand superiority campaign commencing
in October
11
54%
48%
34%
26%
31%
35%
57%
58%
46%
50%
62%
63%
64%
61%
42%
40%
1%
2%
4%
11%
5%
4%
2%2%
Jan-26Mar-26Apr-261H May-262H May-26Jun-261H Jul-262H Jul-26
PositiveNeutralNegative
Source: Ipsos social listening tracking on mainstream Chinese news sites and social platforms.

FY27 outlook
12
See full outlook statement and key risks in the FY26 Results Commentary and Outlook announcement dated 17 August 2026
a2MC’s revenue and EBITDA are expected to grow in FY27, supported by increased contribution from product innovation and new markets,
continued momentum in Other Nutritionals and Liquid Milk, and a2 Pōkeno profitability improvement.
IMF sales are expected to be impacted by the flow-on effects of supply chain disruption in 4Q26. At this stage, the Company expects IMF
sales to be broadly similar to FY26, with China label to gradually recover over the course of FY27 and English label offtake momentum to
improve during the first half, supported by an increase in marketing particularly in 1H27. As a result, Group revenue and EBITDA are
expected to be materially weighted to 2H27.
Whilst a range of outcomes is possible depending on the rate of recovery in IMF, the Company currently expects the following in FY27
compared to FY26 (on a continuing operations basis):
-Revenue growth of mid single digit percent, with 1H27 revenue broadly in line with 1H26
-EBITDA margin percent to be approximately 15%, with 1H27 to be materially down on 1H26
-Depreciation and amortisation to be approximately $20 million
-Cash conversion to be approximately 70-80%
-Capital expenditure to be approximately $70 million
The Company will provide an update on the progress of its IMF recovery plan at the Annual Meeting on 19 November 2026.

Strategy remains focused on capturing China IMF potential while ramping
up innovation, entering new markets and transforming supply chain
Purpose
We pioneer the future of Dairy for good
Goals
CONSUMERS
Bring the unique benefits of pure and
natural a2 Milk to as many
consumers as possible
Vision
An A1-free world where Dairy nourishes all people and our planet
SHAREHOLDERS
Create long-term, enduring value for
shareholders and maintain a trusted,
transparent relationship
PEOPLE
Create a safe, diverse, inclusive and
engaging place for our people to
thrive, support our farmers and
contribute to our communities
PLANET
Protect our planet and cows, rethink
packaging, accelerate our transition
to near zero emissions and
contribute to nature positive
Strategic
priorities
Enablers
Values
Quality & SafetyBrand strength
Science & InnovationStrategic relationships
Capture full potential
in China IMF
-Leverage expanded portfolio
across more price points
-Expand in lower tier cities
-Accelerate online growth
-Invest in brand strength and
leverage across two labels
and wider portfolio
2
Ramp-up product
innovation
-Expand EL and CL IMF
product portfolio
-Develop Other Nutritionals
for kids, adults and seniors
-Innovate in liquid milk
-Explore other adjacencies
3
Enter new markets
-Leverage IMF and other
products into new markets
-Develop Asia region (esp.
SE Asia) plus other
markets over time
-Adopt in-market distributor /
partner model approach
4
Invest in people and
planet leadership
-Invest in our people to
enable them to thrive
-Take direct action to lead
the industry in GHG
emissions reduction,
farming practices and
sustainable packaging
1
Transform supply chain
-Execute transformation
programme at a2 Pōkeno
facility in New Zealand
-Develop supply capability
and capacity to support
innovation and growth,
directly and with 3PMs
5
Bold passionOwnership & agility
Leading constructivelyDisruptive thinking
BLO
D
13

CONSUMERS
a2MC continues to track well against strategic goals despite temporary
supply chain disruption
BRAND HEALTH
3
MARKET SHARE
4
INNOVATION
5
SUPPLY CHAIN
6
SHAREHOLDERS
14
China brand
health
AU brand health
USA brand health
MBS share
DOL share
CBEC share
O2O + Daigou
share
Australian fresh
milk share
USA premium
milk share
On track
Work in progress
1
a2 Pōkeno transformation includes integration, transition and expansion activities, refer slide 19 for update.
Access to ≥ 3
CL registrations
a2 Pōkeno
transformation
1
CL inventory
management
EL inventory
management
Quality and
service
Supply chain
efficiency
7
12
PEOPLEPLANET
GHG emissions
reduction
Sustainable farming
practices
Support animal
welfare outcomes
Sustainable
packaging
Safety
Engagement
Diversity and
inclusion
Gender pay gap
IMF sales from
new products
China Other
Nutritionals growth
Emerging markets
development
ANZ sales from
new products
USA sales from
new products
Sales ambition of
$2.0b (≥ FY27)
EBITDA margin
ambition in the
‘teens’ targeting
year-on-year
improvement
a2 Pōkeno
profitability by FY28
US profitability
by FY27

Refer to Investor Day materials communicated to the market on 27 October 2021 for further information on medium-term ambition, strategy, risks and opportunities
Medium-term revenue and EBITDA margin ambitionCommentaryAreas of planned revenue growth
•The Company expects to achieve its
$2 billion revenue ambition by FY27 in
line with previously amended plan
•China label IMF impacted by 4Q26
supply chain disruption
•English label IMF on track with high
growth over recent years
•Other Nutritionals on track driven
by innovation
•Emerging markets growth driven by
successful Vietnam roll out, with more
new markets to come
•ANZ on track with growth in USA
exceeding expectations
•a2 Pōkeno expected to be EBITDA
breakeven in FY27 due to vertical
margin benefits following the insourcing
of English label a2 Platinum
On track
Work in progress
Market/category
Growth ambition
(compared to
FY21 to ≥ FY27)
1
Tracking
China label IMF
2
$0.4
English label IMF$0.3
China other
nutritionals
$0.2
Emerging markets$0.1
ANZ$0.1
USA$0.1
Non-specific risk$(0.4)
Net growth~$0.8bn
Revenue, NZ$ billions
EBITDA margin
Expect to achieve $2bn revenue ambition by FY27
1
Incremental revenue ambition growth bridge from $1.21 billion in FY21 to ~$2.0 billion in ≥ FY27.
2
Prior to supply disruption, China label IMF LTM to 1H26 was $652 million compared to FY21 of $390 million.
3
Underlying EBITDA % margin - underlying results represent the Group’s reported results excluding a2 Pōkeno losses which reflect temporarily low production volumes ahead of the a2 Platinum transition in 1H27 and one-off transformation costs associated with the transaction, separation, integration and transition.
EBITDA margin target in the teens
targeting year-on-year improvement
Actual revenue and EBITDA margin
15
3

Substantial long-term growth opportunities in core business, adjacent
categories and new markets beyond FY27
16
Market/category size; Retail sales value; FY26; $ billions
1
1
Estimates based on various market data sources and management estimates; subject to rounding.
2
Not including Adult Milk Powder and Nutrition for Mothers.
3
IMF categories in Korea, Vietnam, other South East Asia and Middle East.
4
Including new products expected to be launched in FY27.
5
New product subject to FDA approval.
China IMFChina Other NutritionalsUSAEMANZ
2
3
4
5
Total combined market size~$80 bn
Total combined addressable market size~$50 bn
a2MC average share of total market~4%

Accelerated innovation driving sales growth opportunities
IMF portfolio expansion to ramp up from FY27Other Nutritionals innovation expanding growth beyond IMF
Innovation and portfolio expansion has been enabled by internal
product development team and investment in a2 Pōkeno and
subsequent capital upgrades
FY27 initiatives
•Two new China label products to be launched in 1H27, targeting
lower tier cities and Organic segment
•Significant update to a2 Platinum formulation and packaging plus
an update to a2 Genesis to improve benefit proposition and
competitiveness
Opportunities beyond FY27
•Work is progressing on further enhancing and expanding the IMF
portfolio, with upgrades planned for existing China label products,
an additional registration at Pōkeno and further expansion of English
label range over time
Supported by internal capability and a growing network of
manufacturing partners, increasing product development capability,
speed to market and market share opportunities
FY27 initiatives
•Accelerating growth of recently launched fortified kids and seniors
milk powders, and fortified kids UHT
•Expanding highly successful kids milk powder range with new
formulations
•Establishing a paediatric supplements platform with China and
English label ranges in a large and fast growing market segment
Opportunities beyond FY27
•Maximising growth of existing product ranges with opportunities to
further innovate across categories and consumer life stages
17

Innovation supported by scientific leadership in A1 protein free dairy
•Ongoing investment in science and research supports future product innovation, category expansion and long-term competitive differentiation
•More than a dozen clinical studies relating to A1 protein free proposition published in last two years, including independent research
undertaken in US, China, Korea and Switzerland, contributing additional insights into gastrointestinal health, microbiome composition and
immune response pathways
•Continued to advance beta-casein testing and quality assurance capabilities, supporting product integrity and a2MC's role as category steward
USA Growth Monitoring Study (GMS) completed with significant outcomes
•Key clinical requirement for FDA’s New Infant Formula Notification (NIFN) process
•Randomised, double-blind, controlled trial involving 156 healthy full-term infants
•Formula made with a2 Milk achieved the primary endpoint, demonstrating appropriate growth
and safety through 16 weeks
•Secondary analyses showed 6.6% greater length gain and 6.0% greater weight gain
1
versus a
commercially available conventional infant formula made from milk containing both A1 and A2-type
beta casein proteins
•a2MC's formula demonstrated 11% greater weight gain efficiency per gram of protein
consumed compared to the comparator product
•Results presented at the American Society for Nutrition Annual Meeting, Washington DC in
July 2026
18
More than 25 years of research in A1 protein free dairy underpins a2MC’s pioneering category leadership
1
Length 12.88 vs 12.08 cm, one-sided p-value < 0.05; Weight 3,577.78 vs 3,376.50 grams, one-sided p-value < 0.05.

Supply chain transformation substantially progressed at a2 Pōkeno
The Company successfully completed the acquisition of a2 Pōkeno, a world class
nutritional facility, and divestment of MVM, as announced in August 2025
1
. The
acquisition significantly increases control over a2MC’s supply chain, increases
capacity and capability, and delivers strong financial returns over time
Post acquisition progress
•Secured experienced manufacturing talent, more than doubling the a2 Pōkeno
team since acquisition
•Delivered against capital investment programme, on time and on budget,
optimising the site’s world class IMF capabilities. Building production capability
and ensuring future regulatory compliance with $51.6 million spent in FY26 out
of ~$100 million multi-year capital investment programme
•Secured registration amendments for two new China label products
FY27 Opportunities
•Two new China label products to be launched in 1H27, expanding the current
product portfolio from a single product – refer slide 31 for further detail
•a2 Platinum to be insourced from Synlait during 1H27 – delivering product
updates and vertical margin capture
•On track for EBITDA breakeven result in FY27, including one-off transformation
costs as flagged in August 2025
1
19
1
Refer to a2MC’s market announcements on 18 August 2025.
a2 Pōkeno to unlock significant value, with progress on track
Warehouse extension
and new blending
and canning line
New lab
and admin
construction

Key
metrics
a2 Pōkeno key milestones and metrics delivered with production
and financials on track to plan
FY26FY27FY28 to FY30
Transactions
•Complete a2 Pōkeno acquisition
•Complete Fonterra milk supply agreement
•Complete MVM divestment
•n/a
•n/a
English label
transition
•Develop formulation
•Complete product development trials
•Commence base powder production
Commence finished goods production
•Phase-in / phase-out trade inventory
•Launch product in market
•n/a
China label
registrations
•Submit 2 x existing registration amendments
for use under a2MC brand
•Complete in market withdrawal of old product
•Complete / commence product development
trials for amendment / new products
Achieve approval for amendments
Commence finished goods production
•Launch amended products
•Complete new product trials
•Submit registration applications for 2
upgraded and 1 new product
•Achieve approval of registrations
•Commence production and launch
new products
Facility upgrade and
capability build
•Commence capital works
•Commence ERP implementation
•Hire majority of additional roles
•Progress capital works
•Complete ERP implementation
•Complete recruitment and capability build
•Complete capital works
IMF production
•< 5,000 MT•10,000 – 15,000 MT•25,000 – 30,000 MT in FY29/30
EBITDA
•~$15 - 20 million operating loss•Approximately breakeven•Profitable
Transformation costs
•~$10 million•Potential transition costs•n/a
Key
milestones
Completed On track
20

Continued investment in making planet positive progress
•Commenced work to convert gas-fired boiler at a2 Pōkeno to an electrode
boiler, advancing progress towards the Company’s Scope 1 & 2 net zero
target by 2030
•Established on farm data collection approaches across New Zealand,
Australian and USA farms to increase the accuracy of Scope 3 emissions
reporting and start to track reductions over time
•Awarded 27 new projects through the a2 Farm Sustainability Fund
totaling more than NZ$800,000 in FY26, extending funding to farms
supplying A1 protein free milk to the a2 Pōkeno site
•Methane reduction strategy developed, incorporating consumer and
farmer insights
•Commenced development of an Environmental Management System
for use across the Company’s manufacturing facilities to track
environmental impacts
•Continued to invest in and engage in potential on-farm emissions
reductions solutions through shareholding in AgriZero
NZ
, a partnership
between the New Zealand Government and major agribusiness companies
to reduce on farm biogenic methane and nitrous oxide emissions
•Updated climate scenario analysis and transitionplanto inform business
strategyand resilience
21

Financial
overview

Strong revenue growth with earnings impacted by supply chain disruption
•Net sales revenue growth of 12.4% reflects growth in all product categories and
segments, with China label IMF impacted by 4Q26 supply chain disruption
•Gross margin of 47.7%, down 3.4ppts due to a2 Pōkeno operating losses (in line
with expectations), lower share of China label IMF sales, one-time costs related to
the 4Q26 supply chain disruption and increase in COGS due to higher milk and other
ingredient prices
•Distribution costs up due to higher freight rates, primarily related to Liquid Milk
•Marketing spend higher to support China growth strategy and innovation;
reinvestment rate down due to optimised spend impacted by supply chain disruption
product availability issues with new user recruitment investment maintained
•Administrative and other expenses (SG&A) higher due to investment in capability
to support China growth and supply chain initiatives, including a2 Pōkeno
transformation costs (transaction, separation of MVM, integration and transition costs)
plus higher FX losses, partly offset by cost reduction initiatives. Excluding FX losses,
SG&A as percentage of sales revenue was down on FY25
•Interest income down due to lower market rates and net transaction cash outflows
•Effective tax rate improved to 30.0% due to partial utilisation of a2 Pōkeno and USA
tax losses
•NPAT – Continuing Operations decreased by 5.8% to $207.5 million
•NPAT – Discontinued Operations loss of$96.4 milliondue to the MVM non-cash
divestment loss
•Basic EPS – Continuing Operations down 6.0% to 28.6 cents per share
•Total ordinary dividends of 21.0 cents per share declared with ~74% full year
payout, consistent with a2MC’s dividend policy (unimputed and fully franked) with an
increased payout ratio compared to FY25
1
All figures quoted in New Zealand Dollars (NZ$) and all comparisons are with the 12 months ended 30 June 2025 (FY25) unless otherwise stated. Numbers
may not add down due to rounding.
2
All references to financials and related metrics are on a continuing operations basis (ie exclude Mataura Valley Milk), unless otherwise stated.
3
Group revenue comprises net sales revenue and other revenue.
4
Earnings before interest, tax, depreciation and amortisation (EBITDA). EBITDA is a non-GAAP measure.
$ million
1,2
FY26FY25% change
Net Sales Revenue
1,972.21,755.312.4%
Gross Margin
940.4896.34.9%
Gross Margin %
47.7%51.1%(3.4ppts)
Other Revenue
2.61.938.4%
Distribution
% Net Sales Revenue
(68.8)
3.5%
(56.5)
3.2%
21.9%
0.3ppts
Marketing
% Net Sales Revenue
(325.0)
16.5%
(318.4)
18.1%
2.1%
(1.7ppts)
Administrative and other (SG&A)
% Net Sales Revenue
(281.6)
14.3%
(243.3)
13.9%
15.7%
0.4ppts
Interest Income and Finance Costs
29.044.5(34.8%)
Profit Before Tax
296.6324.5(8.6%)
Income Tax Expense
(89.1)(104.2)(14.5%)
NPAT – Continuing Operations
207.5220.3(5.8%)
NPAT – Discontinued Operations
(96.4)(28.2)241.5%
NPAT – Total Operations
111.1192.1(42.2%)
Group Revenue
3
1,974.91,757.212.4%
EBITDA
4
284.4291.7(2.5%)
EBITDA Margin %
14.4%16.6%(2.2ppts)
Basic EPS – Continuing Operations (cents)
28.630.4(6.0%)
Total Ordinary Dividends Per Share (cents)
21.020.05.0%
23

China segment impacted by a2 Pōkeno losses and supply chain disruption
$ million
1
China &
Other Asia
2
ANZUSACorporate
Total
Group
FY26
Revenue
1,447.6348.2179.0
-1,974.9
EBITDA
307.360.7(3.4)(80.2)284.4
EBITDA %
21.2%17.4%(1.9%)-14.4%
FY25
Revenue
1,302.0316.0139.3-1,757.2
EBITDA
332.457.5(9.3)(88.9)291.7
EBITDA %
25.5%18.2%(6.7%)-16.6%
%
change
Revenue
11.2%10.2%28.6%-12.4%
EBITDA
(7.5%)5.5%63.6%9.7%(2.5%)
24
1
All references to financials and related metrics are on a continuing operations basis (ie exclude Mataura Valley Milk), unless otherwise stated.
2
Includes a2 Pōkeno.

Net sales revenue
1
$ million
China &
Other Asia
4
ANZUSA
Total
Group
FY26
IMF
1,258.873.71.71,334.2
Liquid Milk
2
-244.9177.0421.9
Other Nutritionals
3,4
188.627.5
-
216.1
TOTAL
1,447.4346.2178.71,972.2
FY25
IMF
1,191.780.61.61,273.9
Liquid Milk
2
-209.0137.3346.3
Other Nutritionals
3
110.324.8
-
135.1
TOTAL
1,302.0314.5138.91,755.3
%
change
IMF
5.6%(8.6%)5.2%4.7%
Liquid Milk
2
-17.2%28.9%21.8%
Other Nutritionals
3,4
71.0%10.7%-59.9%
TOTAL
11.2%10.1%28.6%12.4%
Delivered growth across all product categories
1
All references to financials and related metrics are on a continuing operations basis (ie exclude Mataura Valley Milk), unless otherwise stated.
2
Excludes liquid milk products (plain and fortified) exported to China and Other Asia markets.
3
Comprises powdered milk products (plain and fortified), liquid milk products (plain and fortified) exported to China and Other Asia markets and a2 Pōkeno external ingredients sales.
4
Includes $23.8 million of a2 Pōkeno external ingredient sales, largely consisting of milk powder and cream.
25

Cash flow reflects investment in supply chain transformation, working
capital build and temporary product availability impacts
1
Calculated as net cash flow from operating activities before interest and tax divided by EBITDA.
26
$ millionFY26FY25% change
Cash flows from operating activities
Receipts from customers​
1,907.61,889.80.9%
Payments to suppliers and employees​
(1,715.1)(1,630.5)5.2%
Net interest flows and taxes paid​
(59.4)(57.8)2.7%
Net operating cash flows
133.1201.5(33.9%)
Acquisition of a2 Pōkeno
(275.0)-nm
Disposal of MVM
110.3- nm
Other investing activities
313.6(92.3)nm
Net cash flows from investing activities
148.9(92.3)nm
Dividends paid
(166.8)
(61.5)
nm
Other financing activities
(44.7)33.3nm
Net cash flows from financing activities
(211.5)(28.3)nm
Net increase in cash
70.580.9(12.9%)
Cash at the beginning of the period​
600.2518.915.7%
Effect of exchange rate changes on cash​
13.80.3nm
Closing cash at the end of the period
684.5600.214.0%
Net cash comprised of:
Cash andshort-termdeposits​
684.5600.214.0%
Term deposits​
100.0500.0(80.0%)
Bank borrowings
-
(39.0)(100.0%)
Total net cash
784.51,061.2(26.1%)
•Cash flows from operating activities: $133.1 million
‒Operating cash conversion of 68%
1
(FY25: 95%) wasin
line with updated guidance, with increased inventory due to
a2 Pōkeno ramp up of raw materials and base powder,
normalisation of IMF finished goods that were low at June
2025 due to Synlait backlog and timing of cash flows
impacted by 4Q26 supply chain disruption
•Cash flows from investing activities: $148.9 million
‒Includes net supply chain transaction outflows of $164.7
million for a2 Pōkeno acquisition and MVM divestment
‒Other investing activities includes reduction in term
deposits of $400.0 million offset by capex additions of
$73.5 million largely from a2 Pōkeno capital upgrade works
•Cash flows from financing activities: ($211.5) million
‒Includes $166.8 million of dividends paid and $39.0 million
repayment of MVM’s external banking facility prior to
divestment

Strong balance sheet to support future growth
27
$ millionFY26FY25% change
Cash and term deposits784.5 1,100.2
(28.7%)
Trade and other receivables172.2 92.2
86.7%
Inventories290.6 139.1
108.9%
Other current assets103.1 119.5
(13.7%)
Total current assets1,350.4 1,451.0
(6.9%)
Property, plant & equipment238.5 216.8
10.0%
Intangible assets224.2 110.9
102.2%
Other non-current assets147.9 163.4
(9.5%)
Total non-current assets610.7 491.1
24.4%
TOTAL ASSETS1,961.1 1,942.1
1.0%
Trade and other payables483.8 353.5
36.9%
Dividend payable300.0 -
nm
Other current liabilities56.0 96.6
(42.1%)
Total current liabilities839.8 450.1
86.6%
Total non-current liabilities48.2 61.3
(21.4%)
TOTAL LIABILITIES888.0 511.4
73.6%
NET ASSETS1,073.1 1,430.7
(25.0%)
•Inventories up $151.5 million due to acquisition of a2 Pōkeno and
post-acquisition build up of raw materials and base powder ahead of
the a2 Platinum transition from Synlait and production of new
China label registrations in FY27, and replenishment of IMF finished
goods that were low at June 2025
•Trade and other receivables up $80.0 million due to recognition of
Australian securities class action insurance recovery receivable of
$75.6 million (AUD $62 million) which is fully offset by the insurance
settlement payable of the same amount (see below)
•Intangible assets up $113.3 million due to $102.3 million of
goodwill arising from the acquisition of a2 Pōkeno
•Trade and other payables up $130.3 million due to increase in
payables related to higher inventory levels and securities class
action settlement payable of $75.6 million (fully covered by
insurance proceeds and offset by receivable – see above)
•Dividend payable of $300 million relating to special dividend
declared in June 2026 and paid in July 2026
•Other current liabilities down $40.6 million and non-current
liabilities down $13.1 million due to the reduction in external MVM
loans. The Company had no external debt at 30 June 2026

Regional
and product
performance

271
299
305
325
289
313
328
219
559
612
633
544
FY23FY24FY25FY26
1H2H
After strong 1H26, FY26 results impacted by 4Q26 supply chain disruption
•FY26 China label IMF revenue declined by 14.0% to $544.3 million (1H26: up 6.5%
vs pcp, 2H26: down 33.0% vs pcp)
•The contributing factors to the supply chain disruption are now resolved with
product availability significantly improved
•Recovery plan underway targeting win back of past users and new user
recruitment
-Early progress includes the launch of new traceability tool, batch-by-batch
testing, digital marketing driving positive brand sentiment
-Portion of past users returning (lower for early stage) and new user recruitment
activity conversion rates back to or exceeding historical levels
•Declines in Stage 4 IMF offset by strong performance of recently launched fortified
kids milk powder
•China label IMF market share momentum was maintained up to 3Q26, before
declining by the end of FY26 due to supply chain disruption
China label IMF net sales revenue
$ million
1
China label
a2MC MAT share of total China label IMF market value %
2
China label IMF sales impacted by 4Q26 supply chain disruption
China label IMF market share
1
Subject to rounding.
2
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities) values for the 52 weeks ended 12 June 2026.
29

China label market share affected in 4Q26
China label
•China label market value down 0.2%
1
in FY26, with low single
digit volume decline partially offset by price recovery
•Average China label price further recovered with increased
contribution from higher priced early stage products and continued
premiumisation trend
•The trend towards online channels continued with increased
pressure on offline channels resulting in further store closures
•Brand concentration stabilised with share of top-10 brands
(including a2MC) in China label market flat at 78%
1
and divergent
performance among top brands – concentration trend expected
to continue
Total China label market stabilisinga2 China label share gain impacted in 4Q26
China label IMF market
value share (MAT)
1
Jun-25Jun-26% change
DOL28%29%+1ppt
MBS51%51%0ppt
Other21%20%-1ppt
1
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities). Kantar restated historical data in March 2026 based on actual number of newborns released by China National Bureau of Statistics.
2
Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value).
3
Smart Path China IMF online market tracking: DOL platform sales (by value).
•China label MAT share increased to March, before declining to 5.2%
by June due to supply chain disruption in 4Q26
1
•MBS and DOL shares both declined significantly in 4Q26 due to
supply chain disruption
a2MC China label IMF
market value share
MAT
Jun-25
MAT
Dec-25
MAT
Jun-264Q26
Kantar Total CL
1
5.5%5.6%5.2%4.3%*
Nielsen MBS
2
3.7%4.0%3.7%2.1%
Key&A cities7.0%7.7%7.0%3.1%
BCD cities3.2%3.4%3.2%2.0%
Smart Path DOL
3
4.2%4.4%3.9%1.8%
Market share metrics subject to limitations
(panel size and under or over representation of some channels or accounts)
and restatements from time to time
*China label market share was materially impacted in 4Q26 more than Kantar data
indicates, with Nielsen and Smart Path data more indicative
30

New China label products launching in 1H27 will support future growth
China label
Target segment
•Ultra premium
Benefit proposition and formulation
•Digestion + comprehensive nutrition
•High purity lactoferrin (immunity)
•DHA and ARA (brain development)
•Patented MLCT + OPO (component of breast milk)
Innovative packaging
•Scoop in lid with distinctive artwork
•3QR traceability and loyalty app capability
•Manufactured at a2 Pōkeno with variety of trial sizes
Other comments
•Stages 1, 2, 3
•Product to support share gain in lower tier cities
•Strong formulation with superior strength in digestion and
comprehensive nutrition, both of which are benefit propositions that
resonate particularly well with consumers in lower tier cities
31
Target segment
•Organic ultra premium+
Benefit proposition and formulation
•Digestion + organic nutrition
•Organic a2 Milk sourced from New Zealand
•Purity, free-from formulation
•DHA and ARA (brain development)
Innovative packaging
•Scoop in lid with New Zealand imagery
•3QR traceability and loyalty app capability
•Manufactured at a2 Pōkeno with variety of trial sizes
Other comments
•Stages 1, 2, 3
•Product to support brand image building in higher tier cities
•New Zealand and China dual organic product certification from
rare, highly regarded milk source
a2 Zhi Chu Qi Run (a2 至初启润) a2 Zhi Chu Zhi Chun (a2 至初至淳)

176
211
258
320
211
237
301
394
386
448
559
715
FY23FY24FY25FY26
1H2H
English label IMF sales up significantly over the period
1
Excludes USA label IMF sales.
2
Subject to rounding.
•English label IMF revenue growth
1
of 23.2% to $788.3 million driven by CBEC
and O2O growth, plus increasing contribution from other markets, particularly
Vietnam
•Strong a2 Platinum sales in 3Q26 following industry recalls, modest switching
benefit in 4Q26 as a result of China label supply chain disruption, with offtake
momentum indirectly impacted by USA label IMF recall announced in May 2026
•a2 Genesis sales continue to grow and represent 6% of total English label
sales. Supply was affected by planned production downtime at a2 Pōkeno
associated with site transformation and a change in China importation
requirements
•Vietnam English label IMF sales grew 200% due to continued investment in
consumer marketing and distribution expansion for both a2 Platinum and
a2 Gentle Gold ranges
•ANZ English label IMF declined 8.6% due to lower Daigou sales. a2 Gentle
Gold continues to drive sales growth in Australian retail channels
Growth in a2 Platinum, a2 Genesis and Vietnam
English label
ANZ English label IMF revenue
CBEC (including O2O) + Other Markets
1

English label IMF revenue
$ million by half
2
$ million by half
2
32
109
54
40
41
53
45
40
33
163
99
81
74
FY23FY24FY25FY26
1H2H

English label market growth slowed in 2H26 due to industry recalls
•English label market value increased 5.7% in FY26, with 2H26
growth slowing significantly to 0.8%
1
as the market responded to
industry recalls
•Slow down in English label market growth during 2H26 was driven
by decline in early stage volumes following the industry recalls, with
affected brands progressively recovering
•English label share of total China IMF market further increased to
20%, up from a low of 14% in FY22, but still below pre COVID levels
of 28% in FY19
1
and higher levels prior to that
Market growth moderated following industry recalls
English label
a2 English label performance
Total IMF market value
share (MAT)
1
Jun-25Jun-26% change
English label19%20%+1ppts
China label81%80%-1ppts
1
Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities). Kantar restated 2025 market data in March 2026 based on actual number of newborns released by China National Bureau of Statistics.
2
Smart Path China IMF online market tracking: CBEC platform sales (by value).
3
Kantar CBEC tracking includes social E-Commerce platforms including Douyin/TikTok, Pinduoduo (and others).
•a2MC was the leading share gainer on CBEC (MAT: Jun-25 to
Jun-26)
2
•a2 Platinum offtake growth driven by activation across major
CBEC platforms; impacted indirectly by USA label IMF recall
from May
•a2 Genesis achieved 1.8% share on CBEC (MAT: Jun-25 to
Jun-26)
2
with >60% of offtake from early-stage product
EL IMF market value
share
MAT
Jun-25
MAT
Dec-25
MAT
Jun-26
4Q26
Kantar Total EL
1
19.2%19.2%19.5%19.7%*
CBEC
1,3
20.7%20.9%21.5%20.3%*
O2O & Daigou
1
17.5%17.3%17.3%19.8%*
Smart Path CBEC
2
18.1%18.4%19.6%17.9%
Market metrics are subject to limitations (eg small panel size and under representation of
some a2MC high growth channels, particularly O2O) and restatements from time to time
*Kantar quarterly share metrics impacted by low sample size; Smart Path more indicative
33

Major product updates in 1H27 to support English label future growth
English label
Target segment
•Premium in China, Asia and ANZ
Benefit proposition and formulation
•Digestion + sharper mind and sight
•DHA level increased and Lutein added
•HMO now on pack
•Prebiotic GOS
Innovative packaging
•Scoop in lid with contemporary artwork and straight wall tin
•3QR traceability and loyalty app capability
•Manufactured at a2 Pōkeno with variety of trial sizes
Other comments
•Stages 1, 2, 3, 4
•First major update since 2022 to increase product competitiveness
•Comprehensive product update combining advanced nutrition with
premium packaging, refreshed branding, traceability and loyalty
app functionality
34
Target​ segment
•Super premium in China and Asia
Benefit proposition and formulation
•Digestion + immunity
•Algal DHA
•Increased from 3 HMO to 6 HMO
•Prebiotic GOS + 24 billion Probiotics
Packaging updated
•Incremental changes to communicate enhanced formulation
•3QR traceability and loyalty app capability
•Manufactured at a2 Pōkeno with variety of trial sizes
Other comments
•Stages 1, 2, 3
•Upgrades to strengthen premium positioning and competitiveness
•Probiotic upgraded to BB536, a human-residential bifidobacterium
originally isolated from a healthy infant supported by >280 scientific
studies
a2 Platinuma2 Genesis

Vietnam net sales revenue

English label
35
•Strengthened a2 brand awareness
through digital campaigns, science
seminars and exhibitions
•Expanded distribution to >3,500 MBS
stores, including broader a2 Platinum
distribution in major retailer Concung
and a2 Gentle Gold expansion into lower
tier cities
1
Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value) and Weighted Distribution % (MAT basis).
Continuing growth in new markets with Vietnam starting to scale
Infant formula weighted distribution
1
43%
8%
1%1%
Vietnam
•Further distribution expansion of a2
Platinum in major retailers and of
a2 Gentle Gold in lower tier cities
•Launch a2 Genesis in ultra premium
segment through major retailers in top tier
cities in 1H27
South-East Asia
•Launch a2 Genesis in Singapore retail /
online channels in 1H27
•Launch IMF in Indonesia in 2H27 (subject
to registration)
•Expand Other Nutritionals portfolio in
Philippines and Malaysia (commenced
Philippines UHT sales in FY26)
Middle East
•Progressing work on formulation for infant
formula launch in Saudi Arabia and UAE
Strong Vietnam performanceGrowing awareness and distribution Emerging markets future potential

36
54
63
107
44
56
72
109
80
110
135
216
FY23FY24FY25FY26
1H2H
Other Nutritionals growth driven by recent innovation
$ million
•Other Nutritionals
1
sales grew by 59.9% to $216.1 million, driven primarily by kids
nutrition and seniors fortified milk powder range and supporting overall margin
improvement in Other Nutritionals
•Kids milk powder growth continued, supported by strong consumer appeal, targeted
marketing activities and distribution expansion
•Senior fortified milk powder delivered steady upward trajectory, retaining no. 5 overall
ranking and no. 3 in the ultra premium segment of the online category
2
, underpinned
by intergenerational gifting and professional endorsement
•Adult milk powder posted consistent growth, achieving no. 2 in CBEC platform
3
•The new height support kids UHT resonated well with consumers and showed solid
month on month growth post launch in 2H26
•Emerging markets delivered 39% growth, driven by higher UHT and milk
powder volume
1
Comprises powdered milk products (plain and fortified), liquid milk products (plain and fortified) exported to China and Other Asia markets, and a2 Pōkeno external ingredients sales.
2
Smart Path China senior milk powder online market tracking: DOL platform sales (by value).
3
Smart Path China adult milk powder online market tracking: CBEC platform sales (by value).
Other Nutritionals
Other Nutritionals net sales revenueStrong performance across categories and regions
36

•China label kids milk powder continued to
maintain robust momentum with half on
half sales increasing 80%
•Delivered month on month share gain in
MBS

post launch, retaining no. 1 ranking
among international brands
1
•Strong online market performance during
618, ranking high in e-commerce platform
hot lists
•Further enhanced kids portfolio awareness
and user recruitment through Octonauts
campaign
Kids milk powder growing rapidly with significant innovation potential
Other Nutritionals
Market share of a2MC kids milk powder in
MBS channel
1
•Launched locally manufactured kids milk
powder in 2H26 with improved freshness
and optimised product / trade economics
•Boost offline distribution across lower tier
cities and local key accounts, and
accelerate online expansion with customer
exclusive products
•Expanding kids milk powder range,
broadening consumer choice and
addressing areas of strong consumer
interest
1
Nielsen MBS retail measurement service: mother and baby stores only retail sales (by value).
Future potentialBuilding scale and brand momentum
37
Octonauts Campaign II
Imported 750gLocal 750g
Local 350g
(customer exclusive,
sachet format)

China label paediatric supplements launched in 2H26
•New a2 至奕 (Zhi Yi) paediatric
supplements range launched in 3Q26 across
MBS and DOL channels
•Products delivered gentle nutrition tailored
to support children’s natural growth and
development needs
•Built awareness and credibility through
endorsements of health care practitioners
and authoritative professional platform
38
Other Nutritionals
•Further expand distribution via MBS store
network and online channels
•Invest in product education and trial via
sampling programmes; amplify consumer
word of mouth
•Expand portfolio into further high growth
sub categories in paediatric and prenatal
supplements space
Immunity
HMO (2’FL)
Lactoferrin
IDP
1

Powder
in sachet
Anti-Allergy
4 x Probiotics
3 x Prebiotics
Powder
in sachet
Gut Health
4 x Probiotics
3 x Prebiotics
Postbiotics
Powder
in sachet
Brain &
Eye Health
100mg DHA
Patented
Algal Oil
Soft gel
in blister
Future potentialEncouraging early consumer response
Professional endorsement
1
Immune defence protein.

•a2 English label paediatric supplements range launching 1H27
•Range targets the top kids nutrition needs, consistent with a2
early life nutrition equity: healthy growth and bone development,
immunity and gut health
•All products manufactured in Australia to TGA standards
•Products will be available for sale in Australia, New Zealand and
China (CBEC)
•Intend to launch range in Vietnam (subject to registration)
•First to market with Australian made TGA certified liquid calcium
sachets (liquid calcium is the largest and fastest growing CBEC
sub category)
•Immune Lactoferrin Plus sachet contains leading levels of
Lactoferrin and clinically studied ß-Glucan (Wellmune
®1
)
New English label paediatric supplements range launching in 1H27
•Bone Health & Muscle Function
•Calcium
•Magnesium, Zinc
•Vitamin K2, Vitamin D3
•Healthy Growth & Bone Development
•Lysine
•Calcium
•Magnesium, Zinc
•Vitamin B12, Vitamin K2, Vitamin D3
•Immune Defence & Gut Health
•Lactoferrin (100 mg per sachet)
•Patented ß-Glucan
•Prebiotic FOS
•Vitamin C, Zinc
Other Nutritionals
Commentary
39
Immune Lactoferrin Plus
Liquid Calcium Plus
Liquid Calcium with Lysine
1
Wellmune® is a trademark of Kerry Company.

92
93
104
116
92
97
105
129
184
190
209
245
FY23FY24FY25FY26
1H2H
ANZ liquid milk growth continues gaining market share
•Net sales revenue up 17.2% to $244.9 million, with growth from both a2 Milk
and a2 Milk Lactose Free, and foreign currency translation benefits
•Total dairy milk category value sales grew 6.3%
1
driven by price increases across
private label and branded products. Overall volume growth was 1.0%
1
led by
strong growth in lactose free segment (of 11.4%
1
)
•a2 Milk outperformed the market resulting in further share growth, with
overall liquid milk market share up 0.5ppts versus FY25 to 11.7%
2
supported by
high growth in a2 Milk Lactose Free, achieving record high MAT value share
of 22.6%
2
•Brand health continues to strengthen, with brand awareness maintaining recent
high levels
3
and equity attributes improving
•Proud to be the first national lactose free brand, with the launch of a2 Milk
Lactose Free in Coles, WA
•Exclusive Australian Open partnership delivered premium brand exposure across
key markets in Australia and China and selectively in other emerging markets
Australia liquid milk net sales revenue
1
IRI Australian Grocery Weighted Scan, MAT to 30 June 2026 vs MAT to 30 June 2025.
2
IRI Australian Grocery Weighted Scan, MAT basis to 30 June 2026.
3
a2MC brand health tracking February 2026.
ANZ liquid milk
Australia liquid milk market value share
2
Share gains and record lactose free growth
Australia lactose free market value share
2
$ million
40

a2 Milk Lactose Free gaining share in a fast growing segment
1
IRI Australian Grocery Weighted Scan.
ANZ liquid milk
Lactose Free category a large driver of growth in Australian
dairy milk market
1
41
a2 Milk Lactose Free is the only product in market that is both
A1PF and LF and the number 2 brand in market
1
No. 1 player
Private label
Rest of market
Retail sales value Australia dairy milk
(AUD $ billion)
Lactose Free market value share by brand

USA delivered high growth and achieved breakeven in 2H26
•Net sales revenue growth of 28.6% to $178.7 million
•Ongoing profitability improvement with lower EBITDA loss of $3.4 million,
achieving breakeven in 2H26 for the first time
•Sales underpinned by double digit growth in both a2 Milk core range and
a2 Milk Grassfed with increased household penetration, distribution points
and average velocity per distribution point
•Grew dollar value share in the premium milk category to 2.8% (up from 2.2%
in FY25)
1
•a2 Milk now in the top-10 USA liquid milk brands and the fastest growing
•Voluntary recall of low volume of discontinued USA label IMF batches
announced in May 2026 (isolated to the USA market) completed and now
closed with an immaterial impact on USA financials
•Long-term FDA approval of New Infant Formula Notification submission
continues to progress with final factory inspection completed recently
$ million
2
USA
1
SPINS data for MULO Channel, L52 weeks as of 14 June 2026.
2
Subject to rounding.
$ million
2
52
57
64
83
52
57
75
96
105
113
139
179
FY23FY24FY25FY26
1H2H
42
-12
-8
-5
-3
-11
-7
-4
-23
-15
-9
FY23FY24FY25FY26
1H2H
Momentum across core range, distribution and brand equityUSA net sales revenue
USA EBITDA

Continuing to strengthen brand and driving growth through innovation
•a2 Milk brand equity grew significantly,
aided awareness increasing from 15% to
27% and spontaneous awareness more
than doubling from 2.1% to 4.5%
•Net Promoter Score (NPS) up 3pts to 66,
achieving the highest NPS in the premium
milk category
•Established an exclusive partnership
with Steak 'n Shake, creating a new brand
platform for a2 Milk core, grassfed,
and kids chocolate milk within the
foodservice channel
USA
Current focus
•Increase a2Grassfed milk household
penetration and increase distribution
•Establishment of new grassfed milk
farm in the Southeast to ensure year
round supply to support growth which
has been constrained
1H27 new product launch
•a2 Milk Lactose Free 2% to be launched
in 1H27 with selected retail partners
Future opportunities
•Opportunity to enter high growth protein
segments in liquid milk and adjacencies
currently under development
Strengthening brand
1
Innovation focus
43
1
a2MC brand health tracking July 2026.

Questions

Appendix

Reconciliation of non-GAAP measures
1
EBITDA and EBIT are non-GAAP measures. However, the Company believes they assist in providing investors with a comprehensive understanding of the underlying performance of the business.
$ millionFY26FY25
Australia & New Zealand segment EBITDA
60.757.5
China & Other Asia segment EBITDA
307.3332.4
USA segment EBITDA
(3.4)(9.3)
Corporate EBITDA
(80.2)(88.9)
EBITDA
1
284.4291.7
Depreciation/amortisation
(16.9)(11.7)
EBIT
1
267.5280.0
Net interest income
29.044.5
Income tax expense
(89.1)(104.2)
Net profit for the period – continuing operations
207.5220.3
46

a2MC glossary of terms
AcronymMeaning
2’FL2’ - Fucosyllactose
3PMsThird party manufacturers
3QRThree QR code
618June CBEC hero sales period
A1PFA1 protein free
a2MCThe a2 Milk Company Limited
ANZAustralia and New Zealand
ARAArachidonic acid
AUAustralia
BCDLower tier cities in China
CLChina label
COGSCost of goods sold
CYCalendar year
DHADocosahexaenoic acid
DOLDomestic online channel
DPSDividend per share
EBITEarnings before interest and tax
EBITDAEarnings before interest, taxes, depreciation and
amortisation
ECe-commerce
EMEmerging markets
AcronymMeaning
ELEnglish label
EPSEarnings per share
ERPEnterprise resource planning system
FDAFood & Drug Administration
FOSFructooligosaccharides
FXForeign exchange
FYFinancial year
GAAPGenerally accepted accounting principles
GHGGreenhouse gas
GOSGalactooligosaccharides
HMOHuman milk oligosaccharides
IDPImmune defence protein
IMFInfant milk formula (Stage 1-4)
JDJingdong
Key&AUpper tier cities in China
KRSouth Korea
LFLactose free
LTMLast twelve months
MATMoving annual total
MBSMother & baby stores
MLCTMedium- and long-chain triacylglycerol oil
AcronymMeaning
MTMetric ton
MVMMataura Valley Milk Limited
NPATNet profit after tax
NPSNet promoter score
NZNew Zealand
NZD / NZ$New Zealand Dollar
O2OOffline to online
OPO1,3-olein-2-palmitin
PCPPrior corresponding period
PRPublic relations
SG&ASelling, general and administrative expenses
TGATherapeutic Goods Act
UHTUltra high temperature treated milk
USAUnited States of America
VNVietnam
WAWestern Australia
47

www.thea2milkcompany.com

---

2026
Annual Report
The a2 Milk Company
We pioneer the future of Dairy for good

FY26 highlights 2
Chair’s letter 4
CEO’s year in review
6
Buil
ding a sustainable
growth business 14
Who we are
15
What we do 16
Supply chain
transformation 18
Key supply chain assets
and strategic partners
19
How we create value 20
Our growth strategy 22
Our reporting approach
25
Consumers 26
People 34
Pl
anet
44
Sh
areholders
54
Risks and opportunities 57
Cor
porate governance 66
Directors 70
Executive leadership 72
Rem
uneration 74
Financial statements 83
Company disclosures 147
We are a company defined by our purpose,
vision and strategic priorities.
Our purpose is to pioneer the future of Dairy
for good, and our vision is to create an A1-free
world where Dairy nourishes all people and our
planet.
Our strategy is focused on investing in people
and planet leadership, capturing the full
potential of our business in China infant milk
formula, ramping up innovation, entering new
markets and transforming our supply chain.
We have made great strides in strengthening
our supply chain and operational platform
through the acquisition of a2 Pōkeno, a world-
class integrated nutritional manufacturing
facility in New Zealand, adding two approved
China label registrations to our infant milk
formula portfolio to support future growth.
As we look ahead, we remain committed to
disciplined execution, continued innovation
and long-term value creation for consumers,
partners and shareholders.
In this report
Strengthening our core
and expanding our future
Supply chain
transformation
substantially progressed
at a2 Pōkeno
Read more on page 18
USA IMF Growth
Monitoring Study
Read more on page 33
Key dates
2026 Annual Meeting1H27 ResultsFY27 Results
Thursday 19 November 2026Monday 22 February 2027Monday 16 August 2027
The a2 Milk Company2026 Annual Report

Company
disclosures
Financial
statements
Corporate
governance
Building a sustainable
growth business
CEO’s year
in review
Chair’s
letter
FY26
Highlights
1

FY21FY22FY23FY24FY25FY26
$
1,207
m
$
1,342
m
$
1,574
m
$
1,479
m
$
1,757
m
$
1,975
m
FY21FY22FY23FY24FY25FY26
$
123
m
$
220
m
$
255
m
$
246
m
$
292
m
$308m
$
284
m
FY21FY22FY23FY24FY25FY26
$
81
m
$
144
m
$
191
m
$
174
m
$
220
m
$
207
m
$236m
FY26 was another successful year for a2MC,
driven by the strength of our growth strategy
and the quality of execution by our team.
FY26
highlights
Group
performance
1
Revenue
$1,975m
12.4% from FY25
EBITDA
$284m
2.5% from FY25
Underlying EBITDA
2
$308m 5.4% from FY25
N PAT
$207m
5.8% from FY25
Underlying NPAT
2
$236m 7.0% from FY25
1. All references to financials and related metrics are on a continuing operations basis (i.e. excluding Mataura Valley Milk), unless otherwise stated;
FY21–FY24 continuing operations numbers are unaudited.
2.
Underlying results represent the Group’s reported results excluding a2 Pōkeno losses which reflect temporarily low production volumes ahead of the
a2 Platinum™ transition in 1H27 and one-off t
ransformation costs associated with the transaction, separation, integration and transition. a2 Pōkeno’s
FY26 losses are as follows: EBITDA loss of $23.2 million and NPAT loss of $28.3 million.
Net cash
$784m
26.1% from FY25
Operating cash flow
$133m
33.9% from FY25
Earnings per share (basic)
28.6c
6.0% from FY25
Underlying EPS
2
(basic)
32.5c 6.8% from FY25
2The a2 Milk Company2026 Annual Report

FY21FY22FY23FY24FY25FY26
$
914
m
$
1,022
m
$
1,160
m
$
1,108
m
$
1,274
m
$
1,334
m
FY21FY22FY23FY24FY25FY26
$
232
m
$
254
m
$
303
m
$
289
m
$
346
m
$
422
m
FY21FY22FY23FY24FY25FY26
$
59
m
$
63
m
$
110
m
$
80
m
$
135
m
$
216
m
Product segment
revenue
Operating
segment revenue
1. Excludes liquid milk products (plain and fortified) exported to China and Other Asia markets.
2.
Com
prises powdered milk products (plain and fortified), a2 Pōkeno external ingredient sales, and liquid milk products (plain and fortified) exported to China
and Other Asia markets.
Infant Milk Formula (IMF)
$1,334m
4.7% from FY25
Liquid Milk
1
$422m
21.8% from FY25
Other Nutritionals
2
$216m
59.9% from FY25
China and Other Asia
$1,448m
11.2% from FY25
Australia and New Zealand
$348m
10.2% from FY25
USA
$179m
28.6% from FY25
3Company
disclosures
Financial
statements
Corporate
governance
Building a sustainable
growth business
FY26
Highlights
CEO’s year
in review
Chair’s
letter
3

Chair’s
letter
“FY26 was a landmark
year for The a2 Milk
Company as we
made significant
progress against
our China growth
strategy and supply
chain transformation
through the acquisition
of a2 Pōkeno.”
Pip Greenwood
Chair
FY26 was a landmark year for The a2
Milk Company (the “Company”) as we
made significant progress against our
China growth strategy and supply chain
transformation through the acquisition
of a2 Pōkeno — an advanced nutritional
manufacturing facility located in the
North Island of New Zealand, with two
existing China label infant milk formula
(IMF) registrations.
This acquisition increases capacity
and resilience in our supply chain while
enhancing access to the attractive China
label IMF market. The recent approval
by the State Administration for Market
Regulation (SAMR) of amendments to
the two existing a2 Pōkeno China label
IMF registrations for use under the a2™
brand is expected to support future
growth through portfolio expansion,
innovation and increased participation
in the China label market, strengthening
the Company’s foundations and
supporting long-term shareholder value.
Following the acquisition of a2 Pōkeno
we have advanced our transformation
and capital investment programme
to support the planned insourcing of
English label IMF production from our
partner Synlait in the first half of FY27
in line with plan. With the acquisition
completed, regulatory approvals
secured and manufacturing ramp up
progressing to plan, the Company
enters FY27 having achieved a number
of milestones that will support the next
phase of its manufacturing transition
and future growth.
From a trading perspective, we entered
the year with strong momentum and
delivered a positive first half result, with
the Company trading ahead of plan and
achieving growth across all product
categories and markets. However,
as we entered the fourth quarter we
experienced supply chain challenges,
largely outside the Company’s control,
that significantly affected product
availability in China. During this period,
we also managed a limited product recall
in the USA. While this was disappointing
after such a strong start to the year,
these impacts were temporary and do
not change our long-term strategy, the
confidence in the strength of our brand
or the opportunities ahead.
Despite the fourth quarter challenges,
the Company delivered a solid result
for the year with revenue of $1.97 billion
(up 12.4%), an EBITDA margin of 14.4%
and reported NPAT of $207.5 million.
Excluding a2 Pōkeno, underlying
NPAT was $235.8 million (up 7.0%)
demonstrating the resilience and
strength of the business.
Throughout the year, we continued to
invest for sustainable growth through
brand marketing, product innovation,
A1 protein free science and supply
chain transformation, while progressing
important operational priorities across
the business.
Our IMF business remained central to
our strategy, with encouraging progress
from a2 Genesis™ and in emerging
markets. We also advanced our broader
innovation pipeline across all life stages
as we continued to extend the brand
into attractive adjacent categories.
Sales accelerated for recent Other
Nutritionals product launches, including
kids and seniors fortified milk powders
and our China label kids UHT product.
We also entered a new category through
the launch of a China label paediatric
supplements range a2
至奕™.
4The a2 Milk Company2026 Annual Report

In liquid milk, the business performed
strongly in both ANZ and the USA,
reflecting the growing relevance of
our A1 protein free proposition with
consumers. We were also pleased to
build brand visibility through initiatives
including becoming the first ever dairy
milk partner of the Australian Open.
Turning to sustainability, we continued
to advance our agenda recognising
that performance depends on
operating responsibly across our
value chain. During the year, we
made further progress embedding
sustainability into the way we work
with an ongoing focus on climate and
nature, thriving farms, sustainable
packaging, responsible sourcing
and supporting the communities
connected to our business. While
there is more to do, we remain focused
on practical action that strengthens
our position and demonstrates the
Company’s commitment to doing its
part to support the planet and the
communities in which we operate.
From a capital management perspective,
the Board remains focused on delivering
returns to shareholders over time, while
maintaining balance sheet flexibility to
manage risk and fund potential future
investment.
In FY26, the Company paid an interim
ordinary dividend of 11.5 cents per
share and has declared a final ordinary
dividend of 9.5 cents per share to be
paid on 2 October 2026, resulting in
total ordinary dividends for the year
of 21.0 cents per share and a payout
ratio of ~74% of NPAT from continuing
operations, representing an increase
on FY25 dividends. In addition, and as
foreshadowed in August 2025, the Board
declared a special dividend totalling
$300 million in June 2026, equating
to 41.36 cents per share. In total, the
Company declared $453 million in
ordinary and special dividends in FY26,
providing a significant cash return to
shareholders.
Looking ahead, FY27 will be an
important year for the Company as we
rebuild momentum in our China label
a2
至初™ range, advance our supply
chain transformation programme,
including the insourcing of our English
label a2 Platinum™, and launch two new
China label IMF products. The Board
believes the business is well placed to
build on its underlying strengths, with
a clear focus on disciplined execution,
recovery in the China IMF business and
operational priorities that will support
long
-term growth and value creation.
Before closing, I would like to
acknowledge the hard work, resilience
and commitment of our teams across
Australia, China, New Zealand, USA
and Vietnam. FY26 has been another
significant year for the business and
I thank all our teams for the focus,
dedication and care they have shown
in continuing to deliver for customers,
partners and shareholders.
On behalf of the Board, I thank our
shareholders for their continued support
and investment in The a2 Milk Company.
Pip Greenwood
Chair
16 August 2026
“ The Board declared a special dividend totalling $300
million in June 2026 equating to 41.36 cents per share. In
total, the Company declared $453 million in ordinary and
special dividends in FY26, providing a significant cash
return to shareholders.”
5Company
disclosures
Financial
statements
Corporate
governance
CEO’s year
in review
FY26
Highlights
Building a sustainable
growth business
Chair’s
letter

CEO’s
year in review
“FY26 was another year
of strong execution by
our team, we delivered
revenue growth of 12%
with all markets and
categories in growth.”
David Bortolussi
CEO
Group financial performance
1,2,3,4
The a2 Milk Company (“the Company”, “a2MC”) announces full year financial and operational results for the 12 months ended 30
June 2026. Key results are as follows:
Continuing operations (NZ$ million)FY26FY25Variance (%)
Revenue1,974.91,757. 212.4%
EBITDA
5
Underlying
6
EBITDA
284.4291.7(2.5%)
3 07.6291.75.4%
Net profit after tax (NPAT)
Underlying
6
N PAT
2 0 7. 5220.3(5.8%)
235.8220.37.0%
Basic earnings per share (cents)
Underlying
6
basic EPS (cents)
28.630.4(6.0%)
32.530.46.8%
Net cash
7
(total reported)784.51,061.2(26.1%)
Ordinary dividends (NZ cents per share)21.020.01.0cps
Special dividend (NZ cents per share)41.355–n/a
1.All references to financials and related metrics are on a continuing operations basis (ie exclude Mataura Valley Milk), unless otherwise stated.
2.
All re
ferences to full year (FY), halves (H) and quarters (Q) relate to the Company’s financial year, ending 30 June.
3.
All figures are in New Zealand Dollars (NZ$), unless otherwise stated.
4.All comparisons are with the 12 months ended 30 June 2025 (FY25), unless otherwise stated.
5.
Earnings before interest, tax, depreciation and amortisation. EBITDA is a non-GAAP measure and does not have a standardised meaning prescribed by
GAAP. However, the Company believes that in combination with GAAP measures, it assists in providing investors with a comprehensive understanding of
the underlying operational performance of the business. A reconciliation of EBITDA to net profit after tax is shown in the Company’s FY26 Results Investor
Presentation dated 17 August 2026.
6.
Underlying results represent the Group’s reported results excluding a2 Pōkeno losses which reflect temporarily low production volumes ahead of the a2
Platinum™ transition in 1H27 and one-off transformation costs associated with the transaction, separation, integration and transition. a2 Pōkeno’s FY26
losses, including transformation costs are as follows: EBITDA loss of $23.2 million and NPAT loss of $28.3 million.
7.
Including term deposits.
6The a2 Milk Company2026 Annual Report

FY26 Revenue grew 12.4% to $1,974.9
million, driven by growth in English
label Infant Milk Formula (IMF), Other
Nutritionals and Liquid Milk. Revenue
growth was partially offset by a
reduction in China label IMF sales driven
by supply chain disruption in 4Q26, with
the contributing factors now resolved
and product availability significantly
improved. Refer to 4Q26 Supply chain
disruption section below for further
detail.
The China & Other Asia segment was
up 11.2%, led by English label IMF and
Other Nutritionals growth. USA segment
revenue was up 28.6% due to core and
grassfed liquid milk growth, whilst ANZ
segment revenue was up 10.2% driven by
Australian liquid milk growth from both
core and lactose free.
From a product category perspective,
total IMF sales grew 4.7%, with English
label sales up 23.2% driven by cross
border e-commerce (CBEC) and offline
to online (O2O) channel growth, plus
increasing contribution from other
markets, particularly Vietnam. China
label sales were down 14.0%, with
growth impacted by 4Q26 supply chain
disruption.
Liquid Milk sales grew 21.8%, with ANZ
up 17.2% and USA up 28.9%. Other
Nutritionals
8
sales were up 59.9%
(42.3% excluding a2 Pōkeno external
ingredient sales), driven by growth in
kids and seniors fortified milk powder
products and supported by the launch
of a new kids fortified UHT product and
the a2
至奕 ™ (a2 Zhi Yi™) paediatric
supplements range.
Gross margin percentage
9
of 47.7%
was down 3.4ppts due to expected a2
Pōkeno losses while the facility was
under-utilised (ahead of the planned
a2 Platinum™ transition from Synlait
in 1H27 that will significantly increase
production levels and improve financial
results), lower share of China label IMF
sales, one-off supply chain costs related
to 4Q26 supply chain disruption, and
an increase in underlying COGS due to
higher milk and other ingredient prices,
particularly in 2H26.
8. The Other Nutritionals portfolio consists of non-IMF powdered a2 Milk™ products, China & Other Asia liquid milk products and a2 Pōkeno external
ingredient sales.
9.
Gross margin percentage is gross margin as a percentage of net sales revenue.
10.
Operating cash conversion defined as net cash flow from operating activities before interest and tax divided by EBITDA.
11. Refer announcement a2MC reaches in principle agreement to settle shareholder class action (7 April 2026) and note C4 of the financial statements for
further detail.
Distribution costs were marginally higher
as a percentage of net sales revenue at
3.5% due to higher freight rates primarily
related to Liquid Milk.
Marketing investment of $325 million
was higher in support of the China
growth strategy and innovation, focused
on new user recruitment. China
marketing continues to make up the vast
majority of the Group’s investment.
Administrative and other expenses
(SG&A) were higher as a percentage
of revenue at 14.3% due to investment
in capability to support China growth
and supply chain initiatives, including
planned a2 Pōkeno transformation
costs (transaction, separation of
Mataura Valley Milk (MVM), integration
and transition costs), plus higher FX
losses due to the weakening of the
NZD, partly offset by cost reduction
initiatives. Excluding FX losses, SG&A as
a percentage of revenue was lower than
prior year.
EBITDA was down 2.5% to $284.4
million, with EBITDA % margin of
14.4% in line with previous guidance.
Excluding a2 Pōkeno operating losses
and transformation costs, underlying
6
EBITDA of $307.6 million was up 5.4%
with underlying
6
EBITDA % margin of
15.6%.
Depreciation and amortisation of $16.9
million was higher than FY25, reflecting
the a2 Pōkeno acquisition impact. Net
interest income was lower due to
lower market rates and net transaction
cash outflows. The effective tax rate
improved to 30.0% due to partial
utilisation of a2 Pōkeno and USA tax
losses.
NPAT from continuing operations
decreased by 5.8% to $207.5 million. On
an underlying
6
basis, NPAT was up 7.0%
to $235.8 million. Basic earnings per
share (EPS) from continuing operations
was 28.6 cents, and 32.5 cents on an
underlying
6
basis. Total reported NPAT
was $111.1 million including losses from
discontinued operations of $96.4 million
that was mostly due to the MVM non-
cash divestment loss recognised in 1H26.
The Company’s balance sheet remains
strong with closing net cash of $784.5
million with operating cash conversion of
68%
10
for the year in line with guidance
and impacted by an expected increase in
inventory outlined further below. Total
capital expenditure was $86.4 million,
reflecting significant investment of $51.6
million in the a2 Pōkeno transformation
programme as part of the previously
announced ~$100 million multi-year
capital investment programme.
With regard to working capital,
inventory increased by $151.5 million as
expected due to the acquisition of a2
Pōkeno and subsequent raw material
and base powder build ahead of a2
Platinum™ in-sourcing from Synlait
and production of the two new China
labels, and normalisation of China label
IMF stock that was low in FY25 due to
Synlait manufacturing challenges. Trade
and other receivables increased by
$80.0 million due to the recognition of
insurance proceeds recoverable related
to the Australian securities class action
11
,
with trade and other payables up $130.3
million due to the recognition of class
action settlement payable (fully offset
by the receivable) and an increase for
higher inventory related payables.
7Company
disclosures
Financial
statements
Corporate
governance
Chair’s
letter
FY26
Highlights
Building a sustainable
growth business
CEO’s year
in review

CEO’s year in review (continued)
Regional and product
performance
1. China & Other Asia
The overall China IMF market value grew
by 0.7%
12
in FY26, as premiumisation
offset low single digit volume declines.
Stage 1 value was in low single digit
percentage growth, Stage 2 in mid single
digit percentage growth and Stage
3 stabilised during the period. CY25
newborns of 7.9 million
13
declined 17%,
cycling a peak CY24 birth year boosted
by the Dragon Year and deferred COVID
births.
CY26 newborns are expected to be
supported by a recovery in marriage
rates seen in CY25
14
and by a greater
focus on birth rate stabilisation which
is listed as a China Central Government
priority in 2026
15
.
a2MC’s China & Other Asia segment
revenue grew by 11.2% to $1,447.6 million
driven primarily by IMF sales growth
of 5.6% and Other Nutritionals
16
sales
growth of 71.0%, with segment EBITDA of
$307.3 million, down 7.5% with margins
impacted by the 4Q26 supply chain
disruption as outlined below.
4Q26 supply chain disruption
17
As previously announced, the Company
was impacted by shortfalls of China
label IMF product at distributors and
retailers that materially impacted in-
market product availability during 4Q26
and necessitated a large proportion of
existing users to switch to alternative
brands as they ran out of pantry stock
mainly in June.
12. Kantar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities) for the 52 weeks ended 12 June 2026 and similar for
prior periods. Kantar restated 2025 market data in March 2026 based on actual number of newborns released by China National Bureau of Statistics.
13. Chi
na National Bureau of Statistics.
14. China Ministry of Civil Affairs. Number of marriage registrations grew by 11% in 2025 vs 2024.
15. China Central Economic Work Conference for 2026.
16. Inc
ludes $23.8 million of a2 Pōkeno external ingredient sales, largely consisting of milk powder and cream.
17. Supply chain disruption refers to the temporary shortfall in a2™ IMF product availability in China in 4Q26, resulting from strong demand in the preceding
quarter, air and sea freight constraints, Synlait production backlog, extended product release times due to enhanced testing, and additional customs
clearance requirements and testing measures. Refer to separate announcements Trading, Supply Chain and Outlook Update (13 April 2026) and Supply
chain and FY26 results update (7 July 2026).
These product shortfalls were due to
a number of factors, including strong
demand in the preceding quarter,
freight challenges, Synlait production
backlog, extended product release
times, and additional customs clearance
requirements and testing measures.
The contributing factors have now
been resolved with product availability
significantly improved.
The product availability impact on
English label IMF product was limited on
a2 Platinum™ and largely concentrated
on a2 Genesis™, which was affected
by planned production downtime
at a2 Pōkeno and a change in China
importation requirements.
In addition, a2 Platinum™ offtake in
China has been indirectly impacted by
the USA label IMF recall announced in
May 2026. The recall was isolated to the
USA label product, which has a different
formulation and relevant ingredient to
the English label a2 Platinum™ IMF sold
in Australia, New Zealand, South Korea,
Vietnam and through cross border
channels into China.
The Company is now focused on various
sales and marketing initiatives to
encourage previous China label IMF
users to return while accelerating new
user recruitment with its retail and
distribution partners as well as actions
to improve offtake momentum in English
label. Refer to the Outlook section below
for further commentary on FY27.
China label IMF
The total China label IMF market
stabilised in FY26 with value down 0.2%
12
,
as low single digit volume declines were
offset by increased contribution from
higher priced early stage products and
continued premiumisation trend. The
trend towards online channels also
continued with increased pressure on
offline channels resulting in further store
closures.
Brand concentration stabilised, with
share of top-10 brands (including a2MC)
in the China label market flat at 78%
12

and divergent performance among top
brands.
a2MC China label IMF revenue declined
by 14.0% to $544.3 million (1H26: up
6.5% vs pcp, 2H26 down 33.0% vs pcp).
After a positive first three quarters of
the year, with market share reaching
record levels, China label IMF sales were
materially impacted by 4Q26 supply
chain disruption outlined above.
8The a2 Milk Company2026 Annual Report

“Our infant milk formula
business was resilient in
FY26 delivering 5% growth
despite a flat China market
and supply chain disruption
in the fourth quarter.”
On a MAT basis the Company maintained
its MBS
18
market share across Key&A and
BCD cities with 7.0% and 3.2% market
share
19
respectively. DOL market share
of 3.9%
20
was down 0.3ppts. However,
on a quarterly basis, MBS 4Q26 market
share was 2.1% and DOL 4Q26 market
share was 1.8%, impacted by 4Q26
supply chain disruption. As stock levels
have now significantly improved, the
Company is focusing its resources on
regaining past users and accelerating
new user recruitment.
During the year the Company received
regulatory approval for the use of
two new China label products to be
produced at a2 Pōkeno. These products
are targeted at under penetrated and
new segments for a2MC, including lower
tier cities and the Organic segment, that
will support China label market share
recovery in FY27 and further growth
beyond that.
18. MBS = Mother & Baby Stores (Nielsen MBS retail measurement service). DOL = Domestic online channel (Smart Path China IMF online market tracking: DOL
platform sales by value).
19. Nie
lsen MBS retail measurement service: mother and baby stores only retail sales (MAT by value).
20. Smart Path China IMF online market tracking: DOL platform sales (MAT by value).
21.
Excl
udes USA label IMF sales.
22.
Kan
tar Worldpanel 0-6 years old Baby & Kids panel: National IMF market tracking (Key&A + BCD cities) for the 52 weeks ended 12 June 2026.
23.
Sma
rt Path China IMF online market tracking: CBEC sales (MAT by value).
English label IMF
21
The total English label IMF market
maintained growth for the year,
increasing 5.7%
22
. Market conditions
softened considerably in the second half,
with growth moderating to 0.8% in 2H26
and 4Q26 down 4.7% on pcp, driven by
a decline in early stage volumes as the
market responded to industry recalls,
with affected brands progressively
recovering.
English label share of the total China IMF
market further increased to 20%
22
, up
from a low of 14% in FY22, but still below
pre-COVID levels of 28% in FY19 and
higher levels prior to that.
a2MC English label IMF grew with
English label sales in the China & Other
Asia segment of $714.6 million, up 27.8%.
a2MC’s English label performance
was driven by CBEC and O2O channel
performance over the first three quarters
of the year, increasing contribution from
a2 Genesis™ and from other markets,
particularly Vietnam.
On a MAT basis, a2MC was the leading
CBEC share gainer
23
and a2 Genesis™
achieved 1.8% share on CBEC with over
60% of offtake coming from early-stage
products. a2MC remains the second
largest brand in the China English label
market with 19.5%
22
market share.
Whilst the product availability impact
on a2 Platinum™ from supply chain
disruption was limited, 4Q26 offtake was
indirectly impacted by the USA label IMF
recall announced in May 2026 despite
the recall being isolated to the USA label
product which uses a different relevant
ingredient to the a2 Platinum™ product
sold in China and other countries. a2
Genesis™ sales continued to grow and
now make up 6% of total a2MC English
label sales, noting there was some
product availability impact in 2H26 due
to the planned production downtime
at a2 Pōkeno and a change in China
importation requirements.
Throughout FY26, the Company
continued to advance its emerging
markets strategy, executing in Vietnam
and South Korea while assessing
expansion opportunities in other
markets in Southeast Asia and the
Middle East.
Vietnam English label IMF sales grew
200% due to continued investment in
consumer marketing and distribution
expansion for both a2 Platinum™ and a2
Gentle Gold™. Distribution expanded to
over 3,500 MBS stores, including broader
a2 Platinum™ distribution in major
retailer, Concung, and a2 Gentle Gold™
expansion into lower tier cities.
“We delivered strong double
digit growth in English
label infant milk formula
led by
a2 Platinum™, with
high growth in our recently
launched
a2 Genesis™
product and successful
expansion into Vietnam.”
9Company
disclosures
Financial
statements
Corporate
governance
Chair’s
letter
FY26
Highlights
Building a sustainable
growth business
CEO’s year
in review

CEO’s year in review (continued)
Other Nutritionals
Other Nutritionals revenue in the
China & Other Asia segment increased
71.0% to $188.6
24
million, driven by
recent innovation launches. In FY25,
the Company introduced three China
label seniors fortified milk powder
products targeting key health needs
including immunity, bone, gut and heart
health and a new kids fortified milk
powder product for ages 3+, supporting
immunity, eye health and brain
development. In FY26, these products
showed positive momentum, resonating
well with consumers and creating
incremental growth opportunities
beyond IMF, with the kids fortified milk
powder providing a substitute product
for Stage 3 and Stage 4 China label
IMF users during 4Q26 supply chain
disruption.
The Company continued to progress its
innovation pipeline in FY26 launching
a new China label kids fortified UHT
product and entered the paediatric
supplements market with its a2
至奕™
(a2 Zhi Yi™) range in 3Q26. The kids
UHT product features a height-support
formulation and was launched through
Costco as lead offline partner supported
by selective online distribution. The
paediatric supplements range has
products focused on immunity, gut
health, brain and eye health and
anti-allergy, and was launched across
MBS and DOL channels. Near term
supplement sales are not expected to
be material, however the longer-term
potential of the category and growth
platform for a2MC could be significant.
Other Nutritionals sales also includes
$23.8 million of a2 Pōkeno external
ingredient sales, largely consisting of
whole milk powder and cream.
“Other Nutritionals is
emerging as an increasingly
important growth platform,
with revenue up 42% as
recent innovation across
kids, seniors and UHT
continue to scale and
leverage the strength
of the 
a2™ brand.”
24. Includes a2 Pōkeno external ingredient sales of $23.8 million.
25. IRI Australian Grocery Weighted Scan, MAT basis to 30 June 2026.
2. Australia and
New Zealand
The Australia and New Zealand
(ANZ) segment reported revenue of
$348.2 million, up 10.2% and EBITDA
of $60.7 million, up 5.5%. The result
was primarily driven by growth in the
Australian liquid milk business, with
English label IMF sales declining 8.6%
due to lower Daigou sales.
Liquid Milk
Australian liquid milk sales increased
by 17.2% to $244.9 million, with growth
from both the core a2 Milk™ range
and a2 Milk™ Lactose Free, and foreign
currency translation benefits. a2 Milk™
outperformed the category, delivering
further market share gains with liquid
milk value share up 0.5ppts to 11.7%
25
.
a2 Milk™ Lactose Free achieved a record
high MAT value share of 22.6%
25
with
a2MC proud to be the first national
lactose free brand, with the launch of
a2 Milk™ Lactose Free in Coles in WA.
During the year, the Company also
delivered premium brand exposure
in China and Australia and selectively
in other emerging markets as the first
ever dairy milk partner of the Australian
Open with strong results from its AO26
campaign providing significant brand
exposure and product trial opportunities
for the 1.3 million+ venue audience
including through mass sampling.
“Our Liquid Milk
performance highlights the
increasing relevance of the
a2 Milk™ proposition, with
growth and share gains
across our ANZ and USA
markets.”
English label IMF and Other
Nutritionals
ANZ IMF sales declined 8.6% to $73.7
million as a result of lower Daigou
channel sales with a2 Gentle Gold™
continuing to drive sales growth in
Australian retail channels. English
label IMF focus remains on the China
CBEC and O2O channels, however the
Company continues to support the
Daigou channel through marketing
support and trade activations. Other
Nutritionals sales were up 10.7% with
growth across all product categories.
10The a2 Milk Company2026 Annual Report

3. USA
USA grew revenue by 28.6% to
$179.0 million and delivered ongoing
profitability improvement, with an
improved EBITDA loss of $3.4 million
(improvement from a loss of $9.3 million
in FY25), and achieved breakeven in
2H26. Revenue growth was underpinned
by double digit growth in both the
a2 Milk™ core range and a2 Milk™
Grassfed with increased household
penetration, additional distribution
points and higher average velocity per
distribution point.
a2MC’s market value share in the
premium milk category for the
Grocery channel increased to 2.8%
26
,
up from 2.2% in FY25. Brand equity
strengthened materially, with aided
awareness increasing from 15%
27
to
27% and spontaneous awareness more
than doubling from 2.1% to 4.5%. Net
Promoter Score increased 3 points to
66, achieving the highest score in the
premium milk category.
The Company also established an
exclusive partnership with Steak ‘n
Shake, a classic American restaurant
chain, creating a new brand experience
and growth platform for a2 Milk™ core,
grassfed and kids chocolate milk in
foodservice. Grassfed milk growth was
further supported by new ranging in
customers, including Publix and HEB,
and the establishment of a new grassfed
milk farm in the Southeast to support
year round supply.
From an IMF perspective, the Company
completed a voluntary recall of
limited USA label IMF batches in
4Q26. a2MC’s long-term U.S. Food and
Drug Administration IMF submission
remains under review with a final factory
inspection completed recently.
26. SPINS data for MULO Channel, L52 weeks as of 14 June 2026.
2 7. a2MC brand health tracking July 2026.
Innovation and
portfolio expansion
Innovation and portfolio expansion are
an important part of the Company’s
growth strategy and are increasingly
contributing to performance, with recent
innovation contributing over 50% of
FY26 revenue growth. This includes
growth from products such as a2
Genesis™, a2 Gentle Gold™, fortified kids
and seniors milk powders, fortified kids
UHT and Liquid Milk range extensions.
Looking ahead to FY27, there is a
pipeline of product launches planned
across key categories, including two new
China label IMF products (increasing the
portfolio from one to three products),
meaningful updates to a2 Platinum™ and
a2 Genesis™, further expansion of the
kids milk powder range, English label
paediatric supplements and lactose free
liquid milk in the USA. These initiatives
are supported by the Company’s internal
innovation and product development
capability, investment in a2 Pōkeno
and a growing manufacturing partner
network.
“Our focus on product
innovation over recent years
is paying off, contributing
over 50% of the Group’s
sales growth with more
new products being
launched in FY27.”
11Company
disclosures
Financial
statements
Corporate
governance
Chair’s
letter
FY26
Highlights
Building a sustainable
growth business
CEO’s year
in review

CEO’s year in review (continued)
Supply chain
transformation
The Company successfully completed
the acquisition of a2 Pōkeno, a world
class nutritional facility, and divestment
of MVM, as announced in August 2025
28
.
The acquisition significantly increases
control over a2MC’s supply chain,
expands capacity and capability, and
is expected to deliver strong financial
returns over time.
Post acquisition, the Company has made
significant progress on its supply chain
transformation strategy. During the
year, the Company secured additional
experienced manufacturing talent more
than doubling the a2 Pōkeno team
since acquisition, delivered against its
capital investment programme which
remains on time and on budget, invested
in enhancing the site’s world class IMF
capabilities, and secured regulatory
approval for registration amendments to
enable the launch of two new China label
products.
Looking ahead to FY27 the Company has
commenced the planned insourcing of
its English label a2 Platinum™ product
from Synlait, including formulation and
packaging updates, and has commenced
production of its two new China label
products, bringing vertical margin
capture benefits to the Group.
“The successful acquisition
and transformation of
a2 Pōkeno is a significant
step in strengthening our
supply chain and enabling
growth with the launch of
two new China label IMF
products planned for the
first half of FY27.”
28. Refer to a2MC’s market announcements on 18 August 2025.
29. The dividend quoted has been rounded to 2 decimal places for ease of communication.
Sustainability
The Company continued to invest
in its a2™ Farm Sustainability Fund
across ANZ, supporting sustainability
projects that demonstrate an integrated
approach to deliver a meaningful impact
across climate, nature, cows, and
community.
During FY26, the Company progressed
its emissions reduction implementation
plan, supported by the collection of real
on-farm data. With the integration of
the a2 Pōkeno manufacturing facility,
the Company has taken initial steps
to transition the site’s gas-fired boiler
to a renewable energy source, and
more broadly commenced work on an
Environmental Management System to
track relevant metrics across its owned
manufacturing facilities.
To support delivery against its packaging
targets, the Company has developed a
comprehensive packaging database and
continued to support Extended Producer
Responsibility schemes in the markets
where its products are sold.
“The payment of a
$300 million special
dividend and increased
ordinary dividends this year
demonstrates effective
capital management
and our commitment to
shareholder returns.”
Dividends
The Board has declared a final dividend
of 9.5 cents per share (unimputed and
fully franked). The record date for the
final dividend is 18 September 2026 and
the payment date is 2 October 2026.
Including the interim dividend of 11.5
cents per share, total FY26 ordinary
dividends of 21.0 cents per share
represents an improved payout ratio
for the full year of ~74% of continuing
operations NPAT, versus FY25 of
approximately 71% of reported NPAT.
In addition to the ordinary dividends
announced for FY26, and as
foreshadowed in August 2025, the
Board declared and paid a $300 million
special dividend, following regulatory
approvals received in connection with
amendments to the two a2 Pōkeno China
label registrations for use under the a2™
brand. The special dividend equated to
41.36
29
cents per share and was paid on
24 July 2026. The special dividend was
unimputed and fully franked.
12The a2 Milk Company2026 Annual Report

FY27 Outlook
a2MC’s revenue and EBITDA are
expected to grow in FY27, supported
by increased contribution from product
innovation and new markets, continued
momentum in Other Nutritionals and
Liquid Milk, and a2 Pōkeno profitability
improvement.
IMF sales are expected to be impacted
by the flow-on effects of supply chain
disruption in 4Q26. At this stage, the
Company expects IMF sales to be
broadly similar to FY26, with China
label to gradually recover over the
course of FY27 and English label offtake
momentum to improve during the
first half, supported by an increase in
marketing particularly in 1H27. As a
result, Group revenue and EBITDA are
expected to be materially weighted to
2H2 7.
Whilst a range of outcomes is possible
depending on the rate of recovery in
IMF, the Company currently expects the
following in FY27 compared to FY26 (on
a continuing operations basis):
•
Reven
ue growth of mid single digit
percent, with 1H27 revenue broadly in
line with 1H26
•
EBIT
DA margin percent to be
approximately 15%, with 1H27 to be
materially down on 1H26
•
Depr
eciation and amortisation to be
approximately $20 million
• Cash conversion to be approximately
70-80%
•
Capi
tal expenditure to be
approximately $70 million
The Company will provide an update on
the progress of its IMF recovery plan
at the Annual Meeting on 19 November
2026.
Key risks
A range of risks could materially
impact expected revenue and earnings
outcomes including, but are not
limited to, extent and rate of recovery
in China IMF, trading upside and
downside, macroeconomic conditions,
category dynamics and competitive
intensity, product and supply related
risks, cross border trade, foreign
exchange movements, changes in
interest rates, farmgate milk pricing
and other commodity prices, regulatory
risk, export and import requirements,
the Middle East conflict, a2 Pōkeno
transformation and transition risks and
geopolitical risks.
David Bortolussi
Managing Director and
Chief Executive Officer
16 August 2026
13Company
disclosures
Financial
statements
Corporate
governance
Chair’s
letter
FY26
Highlights
Building a sustainable
growth business
CEO’s year
in review

Building a
sustainable
growth
business
14The a2 Milk Company2026 Annual Report

Who we are
The a2 Milk Company is a dairy nutritionals company, fuelled by its purpose to pioneer
the future of Dairy for good.
The Company was founded in 2000
in New Zealand by scientist Dr Corran
(Corrie) McLachlan and his business
partner, Howard Paterson, who
recognised that not all milk is the same.
Dr McLachlan joined Sir Robert (Bob)
Elliot – who had earlier discovered that
proteins in milk affect people differently
– to pioneer research to understand
these differences better.
Originally all cows produced milk
containing only A2 beta
-cas
ein protein,
but over many years the A1 protein
developed in some cows’ milk. Results of
several published peer-reviewed human
clinical trials have shown that A1 protein
can cause digestive issues for some
people. A scientific and proprietary way
to identify cows that naturally produce
A1 protein free milk was also discovered.
a2 Milk™ is sourced from specially
selected cows that naturally produce
milk containing only A2
-type beta-casein
protein and no A1. This means that while
most ordinary milk contains both A1 and
A2
-typ
e proteins, a2 Milk™ is naturally
A1 protein free.
The Company continues to pioneer
science and research to further
understand the potential benefits of A1
protein free milk, and focuses its sales
and marketing efforts to take a2 Milk™
to the world. With a growing portfolio
of products built on a foundation of
a2 Milk™, the Company is dedicated to
enabling more consumers to enjoy its
unique digestive and other potential
health benefits.
The Company’s current product portfolio
includes fresh milk, ultra
-hea
t treated
(UHT) milk, extended shelf life (ESL)
milk, infant milk formula (IMF), plain milk
powders (including instant whole and
skim milk powder), fortified milk powders
for children and seniors, paediatric
supplements and other dairy nutritional
products, providing high quality nutrition
for infants, children, adults, pregnant
women and seniors.
The Company primarily operates in the
China, Australia, New Zealand, Vietnam,
South Korea and North America markets.
The Company’s primary business
activities by region are:
•
China and Other Asia: Sales of China
label and English label IMF, plain and
fortified milk powders, liquid milk
and Other Nutritionals (including
paediatric supplements) products
in offline stores and domestic and
cross
-border e-commerce channels
in China. IMF, UHT and some Other
Nutritionals products are also sold
in South Korea and parts of SE Asia,
such as Vietnam.
•
Australia and New Zealand: Sales of
English label IMF, plain and fortified
milk powders for children, adults and
pregnant women through reseller
and retail channels, and production
and sales of liquid milk through retail
channels in Australia. In New Zealand,
our nutritionals facility, a2 Pōkeno,
currently manufactures select English
label IMF products. In FY27, it will
expand production to include all
English label IMF products and two
new China label IMF products.
•
North America: Sales of various
liquid milk products in the USA,
including grass fed, flavoured and
“half and half ” milk, and liquid milk
in Canada.
What makes us unique
The a2 Milk Company’s purpose is to pioneer the future of Dairy for good with a vision
to create an A1-free world where Dairy nourishes all people and our planet.
Our B O L D values
Bold passionOwnership and agilityLeading constructivelyDisruptive thinking
We believe in the power
of the a2™ proposition.
We are pioneers and always
find a way to make it happen.
We are passionate about our
consumers and customers.
We align on outcomes and
prioritise initiatives.
We are e
ffect
ive in teams and
do what we say we will do.
We are
flexible and act with
a sense of urgency.
We are proud of what we do
and how we do it.
We encourage and develop
ourselves and others.
We are honest, direct and
respectful in our interactions.
We think big, creatively and
logically to maximise impact.
We are better together and
unlock the power of the
collective.
We challenge existing ways
of working to achieve better
solutions.
15Company
disclosures
Financial
statements
Corporate
governance
CEO’s year
in review
Chair’s
letter
FY26
Highlights
Building a sustainable
growth business